In our analysis, instead of going into the specifics of each theme, we evaluate each candidate’s key proposals in three relevant pillars (public finance sustainability, structural reforms and Europe & openness) and build an Openness & Free- Market Index (Box1). This metric is certainly not flawless, but provides us with a market-friendly lens through which to read the various candidates’ programs.
Overall, our approach suggests that Fillon is the most economically liberal contender (from a domestic policy point of view), followed by Macron who ranks second in our index but offers the most open and pro-EU position among the candidates. Benoît Hamon is characterised by our metric as ‘conservative’. Marine Le Pen and Jean-Luc Mélenchon have the lowest scores in our index (Exhibit 1).
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