With events in France developing fast and furious, and with Le Pen either leading (for now) according to official French ministry data, or in second place according to exit polls, Citi's Fraser King asks: "Is this the end of the two-party system in France."
More from Citi:
If results stay as polls suggest, with Le Pen and Macron in the second round, it will be the first time in the history of the ‘fifth’ Republique, that one of France’s two major parties will not be present, marking a monumental change in the French political landscape.
Emmanuel Macron’s newly created ‘En Marche!’ party will front up against Marine Le Pen’s ‘Front National’. In 2002, French voters united behind Jacques Chirac in a phenomenon dubbed the ‘Front Republicain’ to prevent the far-right FN from winning. Will the same happen for Macron?
This may have repercussions for French politics with regards to the legislative body (Assemblee Generale and le Senat). When a sitting president does not control the legislative, it is known as ‘cohabitation’ (common in other countries, like Germany, but not seen in France since 2002).