Leading banker's predictions on money markets for French election and Brexit

The outcome of the French election could have far-reaching effects on the economy, says Mathilde Lemoine of Edmond de Rothschild bank

A win tomorrow for one of the Eurosceptic candidates Marine Le Pen or Jean-Luc Mélenchon could spell economic chaos, a senior banker has claimed.

Mathilde Lemoine, group chief economist for Edmond de Rothschild bank, told journalists that the safest choice for the economy would be centrist candidate Emmanuel Macron of En Marche!; on the other hand a vote for either of the more ‘extreme’ candidates could cause alarm among investors in France worldwide, she said.

She also spoke about the broader outlook for the French economy and the effects of Brexit on the French and British economies and on the euro and sterling currencies. 

French election this weekend

Speaking at the Top Marques show in Monaco’s Grimaldi Forum, Ms Lemoine said: “If the probability of their election increases after the first round the first measure will be capital control to stop any ability for France to borrow. It means that the state will cut public spending immediately, pushing down GDP growth and banks could face bankruptcy because they wouldn’t find any financing. The European Central Bank (ECB) and other euro zone countries could help, as for Cypress Bank, but France would have to accept new rules and if it doesn’t, ...

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