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 Socialists may become the first to use the new European Citizens' Initiative (ECI) introduced by the Lisbon Treaty in their bid to request new EU legislation on taxing financial speculation, according to their leader Martin Schulz.
Citizens in France, Italy, Spain, Germany and the UK – the five largest EU countries – want their governments to cut spending rather than raise taxes to reduce deficits and public debts, according to a new Financial Times/Harris poll.
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