Sarkozy leaves the Élysée Palace and Hollande assumes the presidency of France.
The socialist becomes the seventh president of the Fifth Republic with the difficult mission of putting the country back on the path to growth and confronting German austerity.
Roberta Namour – 247 correspondent in Paris – At 10:40 AM (Paris time), Nicolas Sarkozy descended the steps of the Élysée Palace, accompanied by his wife Carla Bruni, leaving behind a five-year term as head of state of France. Six minutes later, the newly elected president, the socialist François Hollande, officially assumed power.
"Mr. President of the Republic, as a result of an election held under favorable conditions, with a turnout of over 80% of the French people, you will now become the seventh president of the Fifth Republic and the 24th president of the French Republic," declared Jean-Louis Debre, president of the National Assembly. "Everyone here and in the country is aware of the importance of your responsibility and we send you our congratulations and our sincere wishes for success in your performance and that of the government you will appoint," he added.
In his first speech as president-elect, François Hollande promised to be the ruler of all French people. He also pledged to combat the effects of the international economic crisis, seeking the country's development and expanding the civil service. "The French people chose change, which led me to the Presidency of the Republic. I am aware of the honor and the task. I commit myself to serving my country as this role requires," he said.
Today marks the end of 17 consecutive years of right-wing rule, as well as the arrival of a new perspective for Europe. François Hollande will face the difficult task of putting the country back on the path to growth – France stagnated in the first quarter of this year. It is also expected that the new French president will confront German austerity and impose a more flexible alternative on countries struggling to emerge from the crisis.
The Eurozone is suffering a severe identity crisis and is struggling to stay united despite a bankrupt Greece and a Spain on the verge of collapse. The financial market has been shaken again by the lack of agreement in the Greek government and by European central banks that are already openly discussing the country's exit from the Eurozone.
Some experts say that Hollande came to power too late. He, who was always underestimated by his opponents, has nevertheless shown that he can surprise with his persistence.