4 January 2017

Politico: Marine Le Pen calls for return to ECU-style currency after ‘Frexit’

French far-right leader Marine Le Pen said on Tuesday that Europe should retain a single currency even if France withdraws from the euro zone, nuancing her previous position.

The National Front chief has long called for “Frexit,” a French withdrawal from the European Union. This would happen after a referendum on EU membership if she was elected next May (Le Pen has suggested that she would step down if the French rejected her preferred outcome).

But this time she said that after a referendum, Europe should retain a common currency, the euro, in parallel to the French franc. It was the first time Le Pen had recognized, however implicitly, that withdrawing from the euro zone unilaterally could bring about currency fluctuations, which the ECU was designed to prevent. Most French voters do not support withdrawal from the European Union, according to polls in 2016.

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