Macron Faces Challenge in Securing Parliamentary Majority

Winning the French presidential vote may have been the easy part for Emmanuel Macron.

Now, the 39-year-old, who on Sunday defeated the far right National Front’s Marine Le Pen with a resounding 65 percent of the vote, has five weeks to turn his year-old En Marche! — or On the Move! — political movement into a vehicle capable of winning a majority or at least garnering enough seats in parliament to govern or form a coalition.

Without that, Macron could find himself a figurehead from the get-go, incapable of putting into action his campaign promises of economic modernization. That in turn might embolden populists who France has managed to keep at bay this time, but may not be able to again. The narrower margin of victory over the National Front compared with previous elections shows that parties that see France’s central role in the European Union may not get many more chances.

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.