Hollande to fight austerity after beating Sarkozy

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The victory of French social-democrat Francois Hollande in the Sunday’s presidential elections creates a completely new dynamic on the European agenda. The newly elected president has openly positioned himself against Germany’s way of managing the euro crisis, emphasizing that Austerity can no longer be the only option. EU Commission Chief Jose Manuel Barroso, a member of Sarkozy’s political family, welcomed Hollande’s victory. Barroso said both leaders share the same growth-driven view for Europe. The socialist leader has never held a ministerial post and is new to the international stage. He has promised to push for a re-design of the EU Treaty on government debt, to create 60.000 teaching jobs and to apply a 75% tax on the richest.

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