Time to bury the austerity-only approach

RARELY has an election resonated so widely across the continent as the French presidential ballot.

Rarely has a leadership change in one EU member state created expectations of a real policy shift. Remarkably, a new European demos and public sphere are emerging from the crisis. Europeans are realising how interdependent they are.

François Hollande’s victory offers a fresh chance for the EU. The ending of the Merkozy directorate should bury the austerity-only approach that cripples economies and divides the EU. The new French president’s policy approach should not alarm anyone, including the markets.