These two surprises are now reckoned to have been spawned by a widespread unhappiness about the “state of the nation” and a perception by large parts of the electorate that they were worse off economically. Interestingly, opinion polls reveal that the French people are overwhelmingly pretty unhappy with the current state of France and their own economic situation. A good many people will blame Macron.

His first term has indeed been something of a disappointment. He has certainly failed to achieve his own ambition to “build a new France”. In fact, though, the French economy has not done too badly under him. Of course, inflation is a major worry – as it is everywhere. It is currently running at 5.1pc, compared to 1.8pc for the average growth of pay. So real pay is falling.

Yet GDP is slightly above its pre-Covid level. Moreover, although the ride has been bumpy because of the pandemic, the average GDP growth rate under Macron has been higher than the equivalent under his two predecessors, Sarkozy and Hollande. And at 7pc, unemployment is impressively low, at least by French standards. Indeed, it has not been this low since the early 1980s. This is partly due to Macron’s labour market reforms which have encouraged hiring.

The really serious weak spot in French economic performance is the public finances. In 2021 the government’s deficit was 6.5pc of GDP and the debt ratio was 113pc. France now has the fourth largest government bond market in the world, after the US, China and Japan. This is not a badge of honour but rather an indicator of potential vulnerability. Macron aims to reduce the deficit to 3pc of GDP in 2027. But achieving this is likely to prove a tall order.

How would a victory for Le Pen change this situation? She is often characterised as a right-wing populist. In fact, this label is unhelpful. She is a nationalist and in France, in regard to economic matters, that involves policies that we would ordinarily characterise as Left-wing. She is a protectionist and an interventionist.