Nicholas Sarkozy, who has been at the head of a country with an austerity plan and an unemployment rate greater than 10%, has just been voted out, in favor of Socialist François Hollande. The ramifications of this change in leadership and policy may be far-reaching.
Many prominent economists blame the austerity measures put in place by the Sarkozy government for the failure of the French economy to recover. And yet those measures are almost identical to the GOP’s so-called economic recovery plan.
While it’s not likely that any drastic economic improvements will happen instantaneously with the change in leadership in France, it will certainly be something to keep an eye on in the coming months. And there’s no doubt that what happens in France will affect economies around the world.