Ahead of the French presidential election in April, there is growing speculation around whether Marine Le Pen’s Front National could lead the country in the UK’s footsteps towards an exit from the European Union.
Writing for City A.M., Patrick Artus, Natixis’ Chief Economist, gives his views on why a French exit, or “Frexit” would be far more devastating than Brexit – and his argument, albeit straightforward, is that France is a member of the eurozone, while the UK is not.
Indeed, Artus argues that the single currency is the thrust of the European project, which is why its disintegration poses an existential threat to the union as we know it. So, while Britain will be largely the same country pre and post-Brexit, any eurozone country falling out of the bloc will face a far more serious fate.
The article was printed in City A.M.’s Forum section. To read the article online, please click here.