France goes Conservative

In recent history, France has been considered an obstacle of progress in European economics, a socialist haven, and a punch line to jokes. Arguably, France has been a sickly stepsister to the other European powers. That said, it looks as if the voters have finally had enough. It might have been the 9% jobless rate, the perception of weakness regarding national security, or excessive spending; but whatever the motivation, France has decided to elect a conservative President and is likely to vote along similar lines for Parliament next month.

Nicolas Sarkozy, son of a Hungarian immigrant, will face stiff challenges in addressing the free-wheeling spending patterns as well as national philosophies on world trade, defense, and the European Union. During his campaign, Mr. Sarkozy spoke of tightening the budget and defining relations with the E.U. and the United States. In his acceptance speech, he specifically spoke of France’s relationship with the U.S. and reassured the world that “France will always be by the U.S.’s side when it needs her.”

Personally, I am optimistic that the growth of a fiscally sound European Union and a conservative France (I know it's hard to say without chuckling) would go a long way in creating a global trading partner that can help propel technology and labor over the next several decades. Only time will tell, but from this side of the Atlantic it sure looks like a step forward.