Paul Krugman:

What is true is that Mr. Hollande’s victory means the end of “Merkozy,” the Franco-German axis that has enforced the austerity regime of the past two years. This would be a “dangerous” development if that strategy were working, or even had a reasonable chance of working. But it isn’t and doesn’t; it’s time to move on. Europe’s voters, it turns out, are wiser than the Continent’s best and brightest.

What’s wrong with the prescription of spending cuts as the remedy for Europe’s ills? One answer is that the confidence fairy doesn’t exist — that is, claims that slashing government spending would somehow encourage consumers and businesses to spend more have been overwhelmingly refuted by the experience of the past two years. So spending cuts in a depressed economy just make the depression deeper.

Rosecrans Baldwin:

France and America have a long history of mutual loathing and longing. Americans still dream of Paris; Parisians still dream of the America they find in the movies of David Lynch. It will take time for both countries to adjust to a new leader, a new image. For our part, we may even learn what a real Socialist is.

But the French will have it worse. They may not miss Nicolas Sarkozy now; they may never pine for him to return. They will, however, feel his absence. The temperature will drop. When an object we love to hate is removed, then love is lost, too.

The New York Times takes a broader look at the future of austerity:

In broad terms, the French vote unsettled center-right governments across Europe, while their center-left adversaries felt emboldened, hoping that the triumph of one socialist leader presaged a wider resurgence.

But the real nub of the ideological and fiscal contest lay in the continent’s traditional driving axis between Berlin and Paris, with Mr. Hollande promising to rewrite the austerity-driven pact struck between Mr. Sarkozy and Chancellor Angela Merkel of Germany, whose own electoral fortunes are also uncertain.

And, on the French right, they are already complaining about the presence of foreign flags at François Hollande’s Bastille victory party:

Les scènes de liesse qui ont accompagné l’éléction de François Hollande ne sont pas du goût de certaines personnalités de droite. Au-delà de la défaite du candidat Sarkozy, certains membres de l’ancien gouvernement, mais aussi du Front national, ont dénoncé, lundi 7 mai, la présence de “drapeaux rouges et étrangers”lors du rassemblement pour célébrer la victoire du socialiste, la veille, place de la Bastille à Paris.

Sur France info, l’actuel vice-président du FN, qui fut le directeur de campagne deMarine Le Pen, Louis Aliot, s’est déclaré “surpris” par la présence “d’autant de drapeaux étrangers pour saluer la victoire de M. Hollande”. Et de poursuivre : “Ce sont les mêmes drapeaux étrangers que l’on a vus saluer la victoire de M. Sarkozy et [celle] de Jacques Chirac, en 2002.”

I was there at Bastille starting at 7:15 PM or so all the way until Hollande’s speech ended around 1 AM, and there were a lot of foreign flags. Granted, it doesn’t take much to rile the Front National, but it was an interesting sight nonetheless. It was an unforgettable experience, even though I thought I was going to get trampled in the crowd at several different points.

Related articles

• Sarkozy Loses French Elections… Hollande in! (thenigerianoracle.com)
• Hollande signals end to austerity (express.co.uk)
• France Elections: Hollande Beats Sarkozy To Become French President (kaystreet.wordpress.com)
• Europe Finally Gets It: Austerity Isn’t the Answer (newser.com)
• National News: French hail new era in politics (coventrytelegraph.net)
• Roundup: Francois Hollande in, Nikolas Sarkozy out – What this means for France (bazaardaily.com)