Le Pen Not Backing Down From Euro Exit if She Wins

Far-right candidate Marine Le Pen said capital controls were an option if she won Sunday’s presidential election and there was a run on banks as she negotiated France’s exit from the European Union, but stressed they were unlikely to be needed.

After days of mixed messages about ditching the euro, a move unpopular with a majority of voters, Le Pen made clear in an interview on Tuesday that she wanted to take France out of the single currency.

“The euro has protected no one, quite the contrary. The euro has been a deadweight for prices, a deadweight for jobs, a deadweight for the competitiveness of our businesses and it would be much simpler to kick-start the economy without this common currency,” Le Pen said.

She accused the political establishment of wanting to “frighten” voters into thinking otherwise.

Le Pen said she wanted to replace the EU single currency with another, looser type of cooperation in the form of the ECU basket of currencies that preceded the euro.

That would exist alongside a national currency, which she said she hoped the French people would have in their pockets within two years if she won power.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza