PARIS _ Voters in many countries choose their national leaders by going to the polls once. In France's most consequential election in decades, citizens will have to cast their ballot four times.
It's not just the two-round presidential election concluding in May that will determine the country's direction. A new legislature will also be chosen over another two rounds of voting in June. Only then will a clear picture emerge of where France is heading.
With the nationalist Marine Le Pen promising to hold a referendum on taking France out of the euro, investors are focusing on the mechanics of the election process and the constitutional checks and balances that will constrain the next head of state.
"To know how much power the new president will have you need to look at all four rounds," said Armel Le Divellec, a professor of constitutional law at Paris 2 University Pantheon-Assas. "The classic scenario sees the president winning a majority in the National Assembly. If not, stability will depend on who does and the ability of everyone to work together."
Here is a guide to how it works and what it means.
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