Mr. Hollande wins France, now he must calm the rest of the world.

Hollande wins FranceMr. Francois Hollande has won the French Presidency defeating an aggressive campaign by the incumbent President Sarkozy. Newspapers on Monday showed a beaming Mr. Hollande with arms outstretched on their front pages, who won with an impressive 51.6 percent of the vote, has come to office in part because of a tide of anger amongst the French public against the ruling party’s handling of the economic crisis.

Mr. Hollande will be the first Socialist President to hold office in 17 years and the rest of Europe is holding its breath, waiting to see the decisions he takes with regards to public spending and fiscal responsibility. Germany has gone so far as to say that they will not pay for any reduction in austerity measures that Mr. Hollande may have promised during the election campaign.

In these extremely uncertain times, Mr. Hollande will have to hit the road running. He will take up office on the 15th of May but his work seems to have already begun. He is to meet with German Chancellor, Angela Markel next week in Berlin in a bid to strengthen relations between their two nations that lie at the heart of the European Union. U.S. President Barack Obama has also invited President Elect Hollande to meet in Washington ahead of a NATO summit in Chicago on May the 20th.

Frances’ economic progress is being watched closely by the rest of the world , as in its capacity as the second largest economy in Europe, and a slump in its fortunes could yet mean a return to recession for everyone else. Welfare spending takes up nearly 28percent of Frances national income, and growth has only averaged 1.6 percent in the last 20 years. This is deeply troubling for an ageing economy that does not have the will to cut spending.

Mr. Hollande faces the tough task of coming up with measures that will be embraced by the French population and the rest of the world,  while cutting down on spending, enhancing productivity and at the end ensuring a balanced budget by 2017.

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