PARIS (AP) - German Chancellor Angela Merkel says she is "very happy" that Emmanuel Macron has won the presidential election in France.

Speaking at a party event Monday in Berlin, Merkel said Macron bears the hopes of many Europeans. She pledged to continue Germany's close cooperation with France.

But she appeared cautious about proposals to support Macron's economic reform plans either by relaxing European spending rules or with a dedicated stimulus fund.

Merkel told reporters that "we should wait to see what ideas and wishes the new president expresses."

She says the economic policies Berlin advocates for Europe had worked well for Germany and added: "German support can't replace French policies."

Merkel is due to meet outgoing French President Francois Hollande late Monday.