As France enters the final week of its presidential election campaign, the stakes could not be higher. If Emmanuel Macron wins, he will be the first French president to secure re-election since Jacques Chirac in 2002. With a new mandate, Macron will be in a strong position to push ahead with his ambitious plans for France and the EU.

But if Marine Le Pen wins, it will be a political earthquake to rival Brexit and the election of Donald Trump as US president in 2016. The victory of a fervent nationalist and Eurosceptic would throw the future of the EU into doubt. Le Pen’s agenda on immigration and Islam would also threaten social stability in France.

Twenty years ago, Jean-Marie Le Pen, the founder of the far-right National Front, received less than 18 per cent of the vote in the final round of the presidential election. A generation later his daughter, Marine, is within touching distance of the presidency — polls suggest she will gain the support of at least 45 per cent of voters. The TV debate between Macron and Le Pen on Wednesday will be crucial, and could yet alter the dynamics of the race.