France and the Deepening of the Eurozone: Is There a Way for Franco-German Convergence?

Summary:

The French political landscape completely changed after the last presidential and parliamentary elections, as the Socialist Party acquired a political monopoly. They have gained a majority in the Senate and won an absolute majority in the National Assembly. Most importantly, Socialist candidate François Hollande managed to defeat the incumbent and centre-right candidate Nicolas Sarkozy to become president. On 6 May 2012, Hollande won the election with 51.64% of votes compared to 48.36% for his opponent. Therefore after three failed attempts (in 1995, 2002 and 2007) the Left returned to Élysée Palace.

One should note, however, that France has witnessed a change not only in its political leadership but also in its political, economic and social situation, with manifest implications for EU policies. A high unemployment rate, the worrying state of French public finances and the low competitiveness of the French economy, which lacks innovativeness and readiness for structural adjustment, are the main reasons why the French government has, at the EU level, been leading the crusade to promote ways to restore economic growth and to protect European production. Moreover, for France—a constant co-leader of the EU—growing economic difficulties have negatively affected its European position and deepened the disparities with Germany.

• Alternative Source 1