Gaullists on the comeback trail

The outcome of the fairly low-key French regional elections at the weekend shouldn’t spook investors. The result was a fairly resounding defeat for Le Pen and all she stands for. Macron also fared poorly, lacking the regional party political machinery to sell his message and giving the Républicains some space to launch their comeback. That might complicate the outcome of the first round next year’s presidential election, but the ultimate outcome in policy terms will be closer to continuity than revolution.

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