'No to Far-Right' Macron Re-elected in France... "I Will Be President for All" (Summary)

French President Emmanuel Macron [Photo by AP Yonhap News]

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[Asia Economy Reporter Jeong Hyunjin] French President Emmanuel Macron secured re-election by defeating far-right National Rally (RN) candidate Marine Le Pen in the presidential runoff held on the 24th (local time), winning again after five years. He is the first French president to be re-elected in 20 years since former President Jacques Chirac in 2002.

According to Bloomberg and other sources, major French polling agencies estimated that in the runoff held that afternoon, President Macron would receive 57-58% of the vote, while candidate Le Pen would get 41-42%. Although official results were not yet announced, the gap between the two candidates widened to 15-16 percentage points in the polls, effectively confirming the outcome. President Macron and candidate Le Pen faced off twice in the presidential elections of 2017 and this year, with the vote margin narrowing from 32 percentage points to 15-16 percentage points, roughly half.

In his victory speech, President Macron promised to find ways to address voters' anger and to open a new era by governing France with new methods. At 9:30 p.m. that day, he visited Paris's Champ de Mars square with his wife Brigitte and said, "I know you voted for me not because you support my ideas, but to block far-right ideas," adding, "I am no longer a candidate for one side. I am the president for all."

Candidate Le Pen acknowledged her defeat but described the estimated vote share of over 43% as a "brilliant victory." She highlighted that this was her highest vote share in her third presidential bid following 2012 and 2017. Le Pen further emphasized, "With energy, patience, and affection, I will continue to keep the promises made to France and the French people to prevent a minority from seizing power."

RN candidate Marine Le Pen in the French presidential runoff election [Image source=AP Yonhap News]

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The runoff voter turnout is estimated to be around 72%, predicted to be the lowest in 53 years since 1969's 68.9%.

Following President Macron's re-election, European leaders have issued a series of congratulatory messages. There were significant concerns that Le Pen's nationalist tendencies, populism, and isolationist policies could negatively impact the European Union (EU) and the North Atlantic Treaty Organization (NATO). Especially, if the far-right, pro-Russian Le Pen had been elected, it was expected that division would be inevitable at a time when European unity is crucial due to Russia's attacks on Ukraine.

European Commission President Ursula von der Leyen tweeted, "I am very pleased that we can continue our excellent cooperation," adding, "Together, we will move France and Europe forward." Charles Michel, President of the European Council, also tweeted, "Bravo Emmanuel," stating, "In these turbulent times, we need a strong Europe and a France fully committed to a more sovereign and strategic EU."

UK Prime Minister Boris Johnson said, "France is one of our closest and most important allies," and expressed hope to "continue working together on the most important issues for our two countries and the world." German Chancellor Olaf Scholz conveyed, "French voters have shown a strong commitment to Europe today. I am glad that we will continue our good cooperation."

Markets also reacted with relief to President Macron's victory. According to Bloomberg, the euro opened at $1.0844 in Sydney, Australia, up 0.5% from the previous close. The market had anticipated significant volatility similar to the 2016 Brexit referendum and the election of U.S. President Donald Trump if candidate Le Pen had won.

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