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  Hollande’s victory in France is a vote for growth
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ContributorMonsieur 
Last EditedMonsieur  May 08, 2012 08:15am
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CategoryOpinion
AuthorMartin Schulz
News DateTuesday, May 8, 2012 02:00:00 PM UTC0:0
DescriptionBRUSSELS—Rarely has an election resonated so widely across the European Union as the French presidential ballot has done. Rarely has a leadership change in one EU member state created expectations of a real policy shift.

François Hollande’s victory is a fresh chance for Europe. It should spell the end of a policy oriented exclusively toward austerity, which has paralyzed our economies and divided the EU. The new French president’s commitment to a European growth policy has brought hope to citizens, and should not alarm anyone — certainly not the financial markets.

Hollande’s plans for a growth initiative fall on fertile ground, especially in the European Parliament, which has repeatedly called for such measures. I am delighted that this message is increasingly echoed by the political mainstream, including most recently by European Central Bank President Mario Draghi. Likewise, the European Commission is working on a “growth pact” to be discussed by EU leaders in June. Indeed, Europe needs a master plan to avoid a tailspin of recession, growing unemployment, and weakening banking systems.
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