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Financial News: Fitch Says Macron Win In French Election Removes

Fitch Says Macron Win In French Election Removes Risk Of Near Term Severe Shock

05/08/2017 - 09:53:00 (RTTNews)

(RTTNews) - The victory of Emmanuel Macron over Eurosceptic Marine Le Pen in the French presidential election has removed the risk of a near-term severe political shock to France and wider Europe, Fitch Ratings said Monday.

In the run-off held on Sunday, Macron emerged the winner with around 66 percent of the vote.

"The result supports our assumption that France will remain a member of the EU and eurozone, in line with our expectations when we affirmed France's 'AA'/Stable sovereign rating in March," Fitch said.

That said, the outcome of elections for the National Assembly on June 11 and 18 remains uncertain, the rating agency said.

Legislative elections have historically secured majority positions for mainstream parties, the agency pointed out.

"It is unclear how much support the president-elect's En Marche! (EM) movement, which he founded only last year, will win, given that at least half of its parliamentary candidates will have no prior political affiliation," Fitch added.

The incoming administration will have to address the concerns that have led to rising support for populist and Eurosceptic parties, such as high unemployment, around 10 percent in France versus 4 percent for 'AA' peers, while enacting potentially unpopular economic and fiscal reforms and maintaining a commitment to EU integration, Fitch noted.

Fitch is set to review France's sovereign rating on July 28.

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