The French people have chosen QE to Infinity. Socialist Francois Hollande has won the country’s presidential election. Hollande has promised to reverse ‘austerity’ measures with massive fiscal stimulus.
French socialist Francois Hollande has won a clear victory in the country’s presidential election.
Mr Hollande – who got an estimated 52% of votes in Sunday’s run-off – said the French had chosen “change”.
Admitting defeat, centre-right incumbent Nicolas Sarkozy wished “good luck” to Mr Hollande.
Analysts say the vote has wide implications for the whole eurozone. Mr Hollande has vowed to rework a deal on government debt in member countries.
He said he would push ahead with his pledge to refocus EU fiscal efforts from austerity to “growth”.
“Europe is watching us, austerity can no longer be the only option,” he said.
The socialist candidate has promised to raise taxes on big corporations and people earning more than 1m euros a year.
He wants to raise the minimum wage, hire 60,000 more teachers and lower the retirement age from 62 to 60 for some workers.