The victory of Francois Hollande in the second and final round of the French presidential elections this past weekend will hopefully mark the turning point in both the economic fortunes of the European continent and the political fortunes of Europe’s progressive political parties. Hollande, the leader of the Socialist Party, boasts the qualifications to lead a pragmatic, progressive, pro-growth economic revival in Europe.
In the short term this revival will require both labor market reforms, public- and private-sector investments aimed at stimulating job growth, and financial innovations to help attract new financial capital into the real economy. This revival must also be focused on balancing medium-term fiscal responsibility with a long-term vision for modern industrial renewal.
A new issue brief from CAP Visiting Fellow Matt Browne explores the new French president’s pragmatist leanings to achieve these goals, then examines the current austerity measures that voters across much of Europe are rejecting—Hollande’s victory being the most overt symbol of rejection to date. This analysis closes with a look at why the conservative austerity approach isn’t working and then details the kinds of policies Hollande and other progressives in Europe are likely to champion to restore European economic growth and prosperity.
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