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Financial News: Macron's Likely Win In French Election Leaves Stale

Macron's Likely Win In French Election Leaves Stale Aftertaste: Commerzbank

04/24/2017 - 10:10:00 (RTTNews)

(RTTNews) - Although it is a relief that Emmanuel Macron is looking like France's next leader, his likely election win still carries a stale aftertaste, Jorg Kramer, chief economist at Commerzbank, said Monday.

In the first round of presidential election on Sunday, the independent candidate Macron won 23.9 percent of the votes and Marine Le Pen was second-placed with 21.4 percent vote. The second round of election takes place on May 7.

Macron is not a genuine reformer, Kramer pointed out, adding that his policies will at best ease the problem of oppressively high unemployment, not solve it. Thus, France will remain stuck with a minimum wage of 62 percent of average gross wages, that is high by international standards, the economist said.

These levels would discourage companies from hiring young, less-productive workers, Kramer noted.

Further, Berlin's political leadership is relieved that Macron will bar Marine Le Pen's route to power. But Macron wants to introduce common bonds for the Eurozone, something the German government is resolutely against, Kramer observed.

Hence, the economist said discord over economic policy will persist in the Eurozone.

The economist also noted that despite Macron's first round victory, 41 percent of the French voted for radical candidates who oppose free trade and the euro.

The strength of anti-establishment politicians in France and a number of other European countries continues to pose a threat to the existence of the monetary union, which is torn between rival visions in Germany and the southern countries, Kramer said. The Eurozone will not calm down, the economist added.

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