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France: Macron wins big but reforms a challenge

Monday, June 19, 2017 - 01:42

French President Emmanuel Macron's government promises to renew politics in France as final official results show he has won a commanding majority in parliamentary elections. Ciara Lee reports on the result, which may help Macron push through far-reaching pro-growth reforms.

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Victory again for French President Emmanuel Macron. Winning a substantial parliamentary majority, the new leader can now attempt to push through his pro-growth reforms. Macron's centrist 'Republic on the Move' party and its center-right ally 'Modem' won 350 out of 577 seats . But the vote saw a record low turnout, signaling pro-EU Macron will have to tread carefully with reforms. (SOUNDBITE) (German) HEAD OF CAPITAL ANALYSIS AT BAADER BANK, ROBERT HALVER, SAYING: "It's not going to be a reformist president. It will a president who surely will be beneficial for Europe, but - and this is very important - with less stability." France has strong trade unions and a history of street protests that have forced many a past government to dilute new legislation. (SOUNDBITE) (English) CRAIG ERLAM, SENIOR MARKETS ANALYSTS, OANDA, SAYING: "He's very ambitious and he's trying to take the country in a new direction, a direction which has previously faced a lot of opposition. Of course, the unions are a major part of the way in France as they once were in the UK. And I think the type of reform which he's looking to engage in - things like labour market reform - is going to be faced with a lot of opposition." But the scale of victory gives Macron a strong platform to make good on campaign promises to revive France's fortunes. He wants to relax regulations that investors say shackle the euro zone's second-biggest economy. The win was cheered by markets across Europe Stocks headed for their biggest rise in two months. Paris stocks made a 1.1 percent gain as the country's bonds also outperformed in fixed income markets.

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France: Macron wins big but reforms a challenge

Monday, June 19, 2017 - 01:42