Le Pen lost the election but where she fights the next battle will be telling for all of Europe
Normally, the market wants to hear the victory speech from the winner; not the concession speech from the loser. But this time what Le Pen does next will be critical.
After losing the French Presidency, she promised "a profound reformation of our movement to constitute a new political force."
The National Front will be given a new name. The suspicion is that Le Pen wants to soften the party and position it to win in the future, rather than as a fringe party. Along with that, the policy platform could be radically altered.
That's what will be key.
A hint of what's to come came from her father during the campaign. He said the National Front's anti-euro policy was a mistake.
If the new party abandons talk of leaving the currency bloc, it lowers the stakes considerably in future elections. It's also a sign of what's to come for populism in euro.
The three pillars of populism in Europe
The populist parties in Europe are built on anti-immigration, economic nationalism and euro-skepticism.
I believe Le Pen will abandon most of the euro-skepticism and focus on the other two. I also believe that's a sign of what's to come from other populists in Europe.
The public doesn't necessarily love the euro but it's strong and stable. Campaigning on abandoning it is a losing proposition and it will fail in a referendum almost anywhere because the alternative is massive uncertainty.
Ultimately, the battlefield is moving away from the euro and even the EU and has shifted more to border control. If populists can score a victory in Europe then the EU will have to come to the table and free movement of workers will be up for negotiation.