Le Changement? French Socialism, the 2012 Presidential Election and the Politics of Economic Credibility amidst the Eurozone Crisis

This article analyses Hollande's presidential election campaign and victory of 2012, placing them in the historical, organisational and ideological context of French Socialism and the French party system. It argues that an effective campaign, an unpopular adversary and a French party system context unusually conducive to pooling the Left's electoral resources akin to 1981 all aided Hollande's cause. Despite limited ideological renewal, Hollande's internal party coalition promised a scaled-up reformism in the areas of finance, redistributive taxation and ambitious ‘reindustrialisation’ policies. However, the eurozone crisis and degraded French public finances will hinder prospects for such growth-oriented political economic change.