Weeks ago the French president looked likely to win, but his focus on the Ukraine war as rival focused on cost-of-living issues hurt his chances
Far-right challenger Marine Le Pen, left, and French President Emmanuel Macron. Picture: SARAH MEYSSONNIER/REUTERS
That outcome would set up a duel between an economic liberal with a globalist outlook in Macron and a deeply Eurosceptic economic nationalist who, until the Ukraine war, was an open admirer of Russian President Vladimir Putin.Barely a month ago, Macron appeared near certain to reverse that trend, riding high in polls thanks to strong economic growth, a fragmented opposition and his statesman role in trying to avert war on Europe's eastern flank.
A more than 10 point lead Macron had enjoyed as late as mid-March evaporated and voter surveys ahead of the first round showed his margin of victory in an eventual second round whittled down to within the margin of error.Investors took note of Le Pen’s surge. The yield on French 5- and 10-year government bonds hit multiyear highs last week.
While Le Pen has ditched past ambitions for a “Frexit” or to haul France out of the eurozone’s single currency, she envisages the EU as a mere alliance of sovereign states.