Implications of Francois Hollande's Victory

(May 15, 2012) After a tight race, Francois Hollande won the title of President of France over Nicolas Sarkozy. Hollande ran on an anti-Sarkozy platform and did not make grand promises like his opponent. Sarkozy chose to focus on topics such as Islam, the protection of Europe, and immigration. Hollande, however, spoke of his intention to emphasize education. France electing Hollande reflects a desire for a more conservative government. With the country’s debt at almost 90% of its GDP, Hollande is expected to decrease the deficit from 5.2% to 3%, and later to 0%. The people of France are also looking to Hollande to negotiate with other European leaders to answer pressing questions about the eurozone crisis. Basically, European economies must be stimulated without increasing the deficit. On June 10 and 17, 2012, Hollande faced legislative elections, the results of which would determine if the government would be divided or not. As of May 15, 2012, the chances of a conservative legislature being elected were high.

I think the results of this race were predictable. A change in political ideology was to be expected after the right wing policies of Nicolas Sarkozy. The people of France obviously wanted/needed a change in this time of economic turmoil. Hollande stayed safe with his campaign promises and pledged to reduce the deficit and create jobs while promoting education. This could potentially affect international business because Hollande might increase taxes – which might in turn affect consumerism in France. Additionally, Hollande might implement different policies with regards to trade within Europe to help stimulate the economies of the countries within the European Union.

http://www.cnn.com/2012/05/07/opinion/vaisse-france-election/index.html

Vaisse, Justin, and The Opinions Expressed in This Commentary Are Solely Those of Justin Vaisse. "What Hollande's Victory Means for Europe's Economy." CNN. Cable News Network, 01 Jan. 1970. Web. 06 Feb. 2013.