François Hollande elected president of France: ‚Merkollande‘ for Europe

BCC reported that Francois Hollande said in his victory speech on Sunday: „Austerity no longer needs to be our fate. “ So he has clearly indicated that he wants to renegotiate the deal agreed by the 17 countries of the eurozone incorporating strict limits on spending.

Deutsche Welle says that the new president has said he plans to achieve low interest rates by buying Eurobonds, government loans backed collectively by all eurozone states. But since the proposed bonds would expose Germany to new financial risks, Merkel has strictly opposed them.

Deutsche Welle concludes that there may be a change of tone but the way already agreed is the way to go. RFI emphasises that it is still Germany who holds the purse strings in Europe.

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