- Emmanuel Macron’s Victory is cheered in Brussels.
- It will harden the EU’s negotiating stance over Brexit.
- Lack of policy changes in Brussels will doom the Euro in the long run.
- Lack of post-election rally a worrying sign.
The leadership in Brussels is cheering now that Emmanuel Macron has been elected the President of France, handily beating back a challenge from Marine Le Pen in the run-off election yesterday. Initial market reaction to this has been muted. And the likelihood now of a real sell-off in the euro comes into focus because the aforementioned EU leadership will now double down on failed policy.