France’s conservative president, Nicholas Sarkozy announced today that he will be seeing re-election. After winning a close election against Socialist Party Candidate, Royal in 2007, Sarkozy became the 23rd President of France. His initial campaign was set as a pro-American relationship and closer ties to the world allies while maintaining a high standard of living for the French population.
Since Sarkozy took power however, the global economic situation has worsened due to the recession and financial crisis. President Sarkozy made clear that he would be basing his re-election on the economy and jobs for the French people.
For months the French and European media kept asking themselves and the administration whether Sarkozy would indeed seek re-election, but when asked bluntly on television today on the chances of him running again he just as bluntly stated that he is indeed a candidate for French President.
Unemployment in the nation is at a 12 year high, however Sarkozy has met harsh back lash from the Socialist and opposition parties in the government when proposing economic policies to better France. Pushing towards a more free and open market that encourages more productivity and a less of a focus on government involvement and benefits, some elements of the population have fought back. Accustomed to their way of life, change, although beneficial does not always come easy. Simple proposals such as working 40 hour weeks instead of 35 hours, like most of the industrialized world does was dismissed, among other proposals.
Sarkozy is seeking to give power back to the people and as his leaked campaign slogan states, give them “A Strong France.” His populist campaign will not come easy though. Socialist Party candidate François Hollande will be running a tough campaign against him to place blame for the economic times, despite the fact that it was socialistic policies that led to the financial crisis in the first place.
Europe, including France is currently faced with a large debt crisis that had led to many of the nations, including France, to be downgraded and many banks to be downgraded as well. The election will show what direction the nation of France seeks to go, as they seek to stay in the deficit spending system that got them in the debt crisis they are in, or push for a more people focused and responsible government.
Perhaps France and Europe should follow sound investment techniques and practices portfolio monitoring and work on improving their finances as the upcoming election approaches.