France's Le Pen faces trial by fire as markets attack 'franc' plan

french flag
A technician adjusts French flags on stage during a two-day National Front (FN) political rally  Credit: Reuters

France’s Front National is bracing for a violent attack by the financial markets if it wins the presidential elections this Spring and attempts to restore the French franc, but has vowed to resist use of capital controls or coercive measures.

“There is going to be a psychological shock but we are totally against any kind of restrictions on capital flows.

"If the money wants to leave, it will leave, and there is no point trying to stop it,” said Bernard Monot, the party’s chief economic strategist and a Euro-MP.

Mr Monot, a former banker at HSBC and Natixis, said the markets will settle down and funds will return to France once they see a credible economic framework.

But it will be a traumatic episode and the trouble will start long before the final vote in May.

“We’re up against the big banks, the rating agencies, and the hedge funds. They are all taking positions against us,” he told the...


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