The French politician Marine Le Pen is making investors very nervous.
Fears are beginning to show in the bond market, where investors are selling French government debt over concerns that the far-right politician just might overcome the odds and win the presidential election.
The difference in yields on French and German government bonds is now the largest in nearly four years, suggesting that investors now see French debt as a substantially riskier proposition.
Le Pen, the leader of France's National Front party, officially launched her presidential campaign Sunday with a speech attacking globalization and the dangers of immigration. She also pledged to pull France out of NATO. Much of her rhetoric matches that of President Trump in the U.S.
Le Pen wants France to drop the euro, an event that would throw the future of Europe's common currency into doubt. She has also threatened to hold a referendum on the country's membership in the European Union.
A French exit from the bloc would be far more difficult than the departure Britain is preparing to negotiate. France is one of the group's founding states, and the second biggest eurozone economy.
Le Pen outlined a range of trade policies, described as "intelligent protectionism," that included measures to promote French businesses while protecting them from foreign competitors. For example, French companies would be given priority when bidding on public contracts.
Le Pen wants to slash legal migration into France to 10,000 "entries" per year. She also wants to limit immigrants' access to public services. In an earlier interview with CNN, she said France is "being attacked by radical Islam."
The French election system involves two rounds of voting: The first round is scheduled for April 23, with a runoff to be held on May 7 if no candidate gets more than 50% of the vote.
Le Pen has received a boost because of a scandal that has ensnared a top opponent, the conservative candidate Francois Fillon.
Le Pen is expected to get the most votes of all the candidates in the first round, but she's expected to lose in the second round as voters rally behind a more traditional politician with less radical plans.
