François Hollande Wins French Presidency

French Socialist François Hollande won the French presidency in Sunday’s election. Final results showed Hollande narrowly defeated incumbent Nicolas Sarkozy with 51.6 percent of the vote.

Hollande campaigned on the need for more growth-generating economic policies and less economic austerity. In his victory speech in Paris Sunday night, he declared that his victory heralded the beginning of a new movement and the “end of austerity.”

Hollande inherits an economy that is already deep in debt. But he plans to enact further government stimulus and more spending in general.

Investors and analysts acknowledge that the election results in France—as well as debt-stricken Greece—could mean a new political upheaval. Some fear the election of Hollande could ultimately derail the government austerity measures that Eurocrats have fought so hard for, and could worsen Europe’s economic problems.

In order to overcome the EU debt crisis, many financial and political leaders have put their confidence in the austerity policies created by Germany and staunchly backed by Sarkozy. But now the famed “Merkozy” relationship is over.

Berlin must now find a new partner to help it steer Europe to stability. The Trumpet believes Germany will no longer look to France for strong support. Instead, it will kindle a new partnership with a centuries-long history. For more in-depth analysis on what the French election means for the future of Europe, read “Merkel and Monti Revive Old Berlin-Rome Axis.”