The first round of the French election turned out much as expected: the centrist Emmanuel Macron finished first, with 24 percent of the vote, rather narrowly beating the right-wing National Front's Marine Le Pen, who won 21.3 percent. Barring a political accident of the type that befell the former frontrunner, conservative Fran?ois Fillon, Macron will almost certainly win the second-round runoff against Le Pen on May 7. The European Union seems safe - for now.

But this is no time for complacency. Unless Europe addresses flaws in growth patterns and pursues urgent reforms, the longer-term risks to its survival will almost certainly continue to mount.

As has often been noted, the French election, like other key votes over the past year, represents a rejection of establishment political parties. But unlike last year's votes for Brexit in the United Kingdom and Donald Trump in the United States, which were driven by middle-class, middle-aged voters, in France, the young led the way in rejecting the establishment.