Daily Times

Where many have hailed the result of Presidential elections in France, the change is also being seen cautiously by analysts — quite uncertain of its possible impact on the economic policies of the EU. Since former Socialist president Francois Mitterrand left office in 1995, France is going to be led by another President who has left leanings. The newly elected Socialist President Francois Hollande plans to meet German Chancellor Angela Markel first after assuming his office. The meeting with the leader of Germany, the economic powerhouse and key driver of the EU budget policy would either clear the air or thicken the smog further, which engulfs his pledges made to the French people during his election campaign.

German Chancellor Markel shares a good deal of understanding on certain economic policies, including the fiscal austerity pact with the incumbent French President Nicholos Sarkozy who was elected in 2007, lost most of his public support soon after the currency crisis hit Europe in 2009. His economic strategies based on austerity and cuts in the public funds, plus his abrasive attitude made him quite unpopular. He could not rein in 10 percent unemployment and like 11 other leaders of the recession-hit European countries had to lose his power. Whereas taking benefit from all of it, Hollande *