One year into Hollande presidency in France, 'a sense of drfit'

Still, Mr. Hollande’s economic policies, which have delayed cuts in public spending until next year, are sensible in a recession, said Simon Tilford, of the CER, and his fight against austerity is gaining traction in Brussels, despite frustration with him. "Given the constraints, I think the French government strategy is about as good as it gets. They are talking the line on austerity but obviously trying to limit the damage to an already weak economy. France, given its size and importance, is 'acknowledged to be different' in Brussels and in Berlin," Mr Tilford said. The main reason France's borrowing costs are so low is that "investors are sure the European Central Bank will do whatever it has to do to keep France solvent."