GS on French election risk: “Remarkably orderly and, overall, quite muted"

Francesco Garzarelli, Goldman Sachs' co-Head of Global Macro & Markets Research, expresses his take on the French presidential elections.

Key Headlines:

On a Le Pen win:

Expectations of reintroduction of national currencies would rise

Market dislocations could potentially emerge (primarily in EMU sovereign bonds)

Bank and international spillovers would likely follow

 But, so far the overall market response so far has "been remarkably orderly and, overall, quite muted"

So far there is also little evidence of systemic risk

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