France’s Momentous Election

Feb 7 2012 @ 7:31pm

by Zack Beauchamp

Socialist Francois Hollande has a huge lead over Sarkozy in the latter's reelection race. Walter Russell Mead worries about the implications for the global economy:

Hollande wants a new basic treaty to govern Franco-German relations and has attacked the Merkel-Sarkozy agreements on the euro. He is a far more anti-bank, anti-finance candidate than Sarkozy and wants a much more expansionary fiscal policy for the EU as a whole. Hollande is probably lying about some of this; the US isn’t the only country where politicians will say anything to get the job and then do whatever it takes to keep it even if that means breaking their campaign pledges. But his election will throw a monkey wrench into Europe’s plans to cope with the euro crisis at a time when the world still wonders whether the Europeans can get their act together.