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François Hollande’s Wrong Idea of France

LONDON – France’s new president, François Hollande, has achieved a remarkable series of political victories – at home and in Europe – since his election in May. Unfortunately, his streak of success will inevitably call forth an economic reckoning that will shock France’s apparently unsuspecting citizens and doom the French elite’s approach to the “construction of Europe.”

Since winning the presidency, Hollande has won a parliamentary majority and pushed Germany toward accepting joint liability for eurozone countries’ debts. But forebodings of crisis have become widespread in French business and economic circles.