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World leaders on Monday congratulated Socialist Francois Hollandeon his victory in France's presidential election that noticed yetanother European chief voted out of workplace amid an ongoingfinancial crisis. But, European monetary markets remainvolatile, reflecting uncertainty about France's next leader and hiseconomic prescriptions for the country. As the victory celebrations wind down, France next president,Francois Hollande, faces many challenges. Addressing 1000's of supporters after defeating conservativePresident Nicolas Sarkozy on Sunday, Hollande promised justice,equality and a better future for French youth. Hollande says he needs to raise taxes on the rich and invest morein education, and that he desires Europe to advertise development and notausterity measures to show across the financial crisis.
But many people query whether the 57-year-old socialist is up tothe job. Hollande has been in politics for years. But he isan untested leader in troubled economic instances. France'snational debt and unemployment are soaring. And the country'seconomy is barely rising.

Political analyst Bruno Cautres: "No one is conscious of precisely the capability of Francois Hollande to facehuge economic problems, to handle the job to be the Frenchpresident," stated Cautres. But Cautres says Hollande shocked many people during thepresidential campaign by sounding increasingly presidential andcapable of dealing with tough issues. "Francois Hollande introduced himself as a standard guy - the one whocan settle down all the anguish of the French inhabitants over theeconomic crisis, with this changing world which is making theFrench population so [fearful] that eventually we're going to losethe social safety, that we're going to lose the socialsecurity that we're very connected to," he mentioned. On the streets to Paris, Hollande supporters like 24-year-oldstudent Luiza Taiati are overjoyed by their candidate's victory.

Taiati says French leftists have been waiting for 20 years for aSocialist Party president. Under Sarkozy, she says there hasbeen financial uncertainty, with folks having a difficult timemaking ends meet. But 33-year-old businessman Juan Pablo Vargas is worried about thefuture. "I'm very preoccupied on France and on Europe, particularly becausewe're unsure Germany will proceed to finance every thing, ifHollande changes all the finances of France," said Vargas.

"I'mafraid [that France] may get isolated in opposition to Germany. And ifthat occurs, nicely, it might be a collapse of the European Union,which would not be good for anyone." Hollande says he wants to change a fiscal self-discipline agreementbetween 25 of the 27 European Union international locations - including financialpowerhouse Germany. After his inauguration subsequent week [May15], Hollande is anticipated to meet with Germany ChancellorAngela Merkel, who's a robust supporter of price range discipline. Economist Tomasz Michalski of France's HEC enterprise school saysHollande's name for progress is resonating in different Europeancountries, as in style protests mount in opposition to economic austeritymeasures. "Mr.

get more info is a very smart man," mentioned Michalski. "He's veryprecise in his language. He doesn't wish to renegotiate thefiscal compact; he wants to change and full it by a growthpact. And this is the place he and Mrs. Merkel can meet." But Michalski says the Socialist leader is making huge guarantees forFrance and Europe - guarantees he won't be succesful of keep at a timewhen financial progress forecasts are bleak.

"Mr. Hollande can't spend himself out of a recession," he stated."He can not spend more cash; he can't print more money. Theproblem together with his policies is that in the quick run, he may be ableto restore finances stability. But I don't see how on Earth he'sgoing to stimulate long-term growth for France." In many ways, Michalski says, Hollande's political fortuneswill not depend upon his insurance policies, but on exterior events.

If theglobal financial system recovers, France's president-elect would possibly have the ability todeliver on his promises. If not, Michalski says, Hollandemight meet the identical political fate as outgoing President NicolasSarkozy.

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