France did not reject European austerity, it rejected Sarkozy

President François Hollande’s call for a new growth-led approach has resonated with many people across Europe who continue to suffer from a seemingly endless cycle of economic decline and painful public sector cuts. Nobel prize-winning economists Joseph Stiglitz and Paul Krugman, who have strongly criticised the self-defeating nature of the Eurozone’s austerity-based economic policy, have also welcomed his election as a much needed breath of fresh air. Yet amidst this initial wave of optimism, it is important to remain realistic about what Hollande can truly achieve. Continue reading