The Strategist

Le Pen: Banks will stay with France if we leave the EU

04/04/2017 - 15:32

Investors will not take their money from France, if the country leaves the euro area, said Marin Le Pen, French presidential candidate from the ultra-right-wing National Front party.

Le Pen previously promised to hold a referendum and return the French national currency, franc, if elected as Head of State.

In an interview with the French media, Le Pen said that if elected on May 7, she would start negotiations with other EU countries and organize a referendum within six months.

According to her, during this time the French citizens will decide whether to remain in the EU or not. This will allow France to assess results of the elections in Germany and Italy.

Le Pen expressed confidence that there is a lot of liquidity in the world, so investors will not withdraw their funds from France, especially when the country is once again returning to the path of economic growth.

"They are worried because they know that they cannot earn money as before … the world has changed, and it worries them. The world is moving away from the free trade policy and non-interference of the state into the economy", Le Pen stressed.  

Chief financial supervisors of the European Central Bank (ECB) earlier asked banks to consider all the scenarios, including likely victory of Le Pen in the French presidential election and possible impact on the market caused by better-than-forecasted result of the first round of voting in France.

According to majority of forecasts, Le Pen will be able to win in the first round on April 23 and will go to the second round, where two voting leaders will converge, after which she will lose to centrist Emmanuel Macron, who is considered an advocate of the Eurozone.

Le Pen said that she will negotiate the restoration of France's national sovereignty and, if she is unhappy with the way these negotiations are going on, will hold a referendum in which French voters will decide on membership in the EU and the euro area.