First the good news. The Right is not only out of the Elysee Palace but it is on course to have lost control of parliament too. And in its place is probably the most progressive of social democrat parties in Europe today. The Socialists’ programme includes boosting industrial investment, youth employment and teacher numbers, hiking taxes on the rich, and partially reversing former president Nicolas Sarkozy’s regressive pension reforms. Francois Hollande’s election as President has already shifted the tone in Europe away from austerity and towards growth, although, with a commitment to balance the budget, it is very difficult to see how  this left turn can result into any sustained change of direction. Continue reading →