French president-elect François Hollande will take office next week, and immediately inherit a key role in resolving the economic crisis sweeping Europe. As The Wall Street Journal's Gabriele Parussini and William Boston write:
Mr. Hollande shaped his successful election bid squarely on the theme of changing the bloc's response to its deep sovereign-debt crisis. From the beginning of his campaign, the French Socialist said he would seek to renegotiate the fiscal treaty agreed by European leaders last year, in order to promote Europe's struggling economy
The change in leadership in Paris created uncertainty on Wall Street, with markets mixed by mid-afternoon Monday. CNNMoney's Hibah Yousuf writes investors were clearly worried about the future of austerity throughout Europe:
Hollande has advocated a shift away from austerity policies to deal with the continent's sovereign debt crisis and advocated for more economic stimulus. But the concern is whether or not such policies will derail previously-announced bailout deals, in which stronger economies like Germany provide assistance for the weaker economies facing default on their debt.
Investors expected a victory by Hollande, but jitters in the midst of a struggling economy could have potential impacts on the recovery. Tonight on Erin Burnett OutFront, Erin talks to the WSJ's Stephen Moore.