The election of Emmanuel Macron in France is a positive for the country’s creditworthiness but his presidency could yet come unstuck if it fails to deliver growth to help cut its large debts, Moody’s Investors Service has said.

A hard Brexit and US plans for tax reforms are the biggest risks facing Ireland’s long-term prosperity, according to a report by Moody’s Investors Service.

Ratings agency Moody’s Investors Service said it will closely watch the next government’s spending plans and monitor private sector pay amid fears the bounty of the hard-won recovery could be wasted by unwise actions and frailties at home.