THE recent election of the Socialist Party's candidate, Franois Hollande as the new President of France marks a democratic renewal of sorts by the French people. Coming in the midst of economic crisis in the eurozone, and particularly the unemployment problem in France, the election is significant. Besides these, the French poll presents some hard lessons in democracy and statesmanship for Africa, indeed Nigeria.Hollande defeated incumbent President Nicolas Sarkozy of the Centre-right UMP party who polled 48.3 per cent of the votes by a nudge of few points at 51.7 per cent in the run-off election. Earlier on April 22, 2012, the first round of the presidential election held with 10 candidates in contest. Hollande led with 27 per cent of the votes while President Sarkozy and far-right Marine Le Pen trailed behind with 26 and 20 per cent respectively.The election held amidst the ongoing economic crisis in the eurozone which has engendered austerity measures in many European countries such as Greece and Italy reminiscent of the adjustment policies implemented in Africa in the 1980s and the 1990s. It was contested on the key issue of economy and its corresponding pathologies such as unemployment and immigration. Under the leadership of President Sarkozy, the rate of unemployment in France rose to about 10 per cent, that is, about 2.8 million people were unemployed. Indeed, Sarkozy, who believed that France had more than a fair share of immigrants, almost provoked xenophobia in the French society while its economic policies were perceived as beneficial to the wealthy, spawning the slogan: 'president for the rich.' This latter point, observers believed, was more critical to the electoral outcome than the eurozone economic meltdown.In the pre-election campaigns, Hollande stressed that he would veer off the path of austerity measures to actual growth-oriented policies in managing and fixing the economic crisis. Also, he pledged to create more jobs and adopt labour-friendly policies while imposing taxes on big corporations and those earning above one million euro per annum. President Sarkozy on his part pledged to pursue macro-policies of reducing budget deficits through spending cuts. However, a victorious Hollande has vowed to refocus EU macro-economic policies towards growth, increase minimum wage, hire about 60,000 teachers and reduce the retirement age from 62 to 60. Certainly, there are those who believe that austerity measures are driven more by ideology than reason and therefore see the socialist victory as 'a nice-tide turning for Europe.'Although Hollande rose from an underdog position to win the French presidency, he is not a flamboyant politician and not a few believe that he has what it takes to grow the French economy and unite the society. Former Conservative President Jacques Chirac once described him as a 'true statesman' with bipartisan potential and had once played a role in the Mitterrand presidency as an economic adviser. How much impact he would make on French society as well as the European Union will depend on time. Without doubt, his election to the French presidency has engendered hopes of change. The election signifies a left turn in France and Europe. Hollande is the first left-wing president since Mitterrand left power in 1995 while his victory over Sarkozy upped the number of European leaders thrown out of power by the dynamics of the eurozone crisis to 11. Intriguingly, as an aftermath of the election, the euro fell against the dollar and pound and there were knee-jerk reactions in the stock market across the globe indicating decline in investors' confidence.Nevertheless, the pertinent question is: Does the election portend a gloom future for the eurozone' And two, what is in it for Africa' France as a former colonial power with ties to many African countries is important for the continent. Therefore, we expect the new president to be more progressive and to transform the colonial pact that ties most Francophone countries to the French umbilical cord. The content of the colonial pact remains odious and needs transformation. The pact covers the common currency; first right of purchase of natural resources found in francophone countries by the French; first preference for French companies in the award of contracts by government and the right of military intervention and maintenance of bases. Under the common currency, CFA franc, country in the CFA member countries are required to deposit 65 per cent of their foreign reserves including another 20 per cent for financial liabilities in the French Treasury in Paris and, upon need, they are allowed to borrow at a commercial rate and an amount equivalent to 20 per cent of their public revenue of the previous fiscal year. Besides, the treasury invests the money in its own name in the stock-exchange. Militarily, the French has the legal right to intervene in the francophone countries and to deploy troops, with bases run entirely by French. This is an important benchmark upon which Hollande's presidency will be judged.A second issue, however, is the maturity displayed by the loser, outgoing President Sarkozy. Despite bitter exchange in the national debate between himself and Hollande, Sarkozy immediately conceded victory and urged his supporters to recognise his opponent as French president in due deference to the institutions of state. He was emphatic: 'Franois Hollande is the President of France and he must be respected.' In Africa, where leaders not only seek to perpetuate themselves in office but also reduce the state to them: private estate, it is an invaluable lesson to be learnt. The state is bigger than any individual and therefore, for peace and stability to reign, it is important to protect its integrity.
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