François Hollande's call for growth has won him some powerful allies as he battles against Germany's insistence on austerity.
France's new president has long insisted the gloom hanging over Europe’s economies can only be lifted if harsh belt-tightening policies demanded by Germany are complimented by measures to kick-start the eurozone’s ailing economies. Following Obama’s ringing endorsement of Hollande’s ideas, British Prime Minister David Cameron was the next to align himself with the French president, suggesting the two shared the same views on growth.
"There is no conflict between austerity and growth", Cameron said. "You need to have a strong deficit reduction programme in order to get growth. President Hollande believes that, and I believe that."
European Commission chief, José Manuel Barroso, also echoed Hollande’s call for more job-creating measures to help Europe out of the mire. "We need to take action for growth while staying the course in terms of putting our public finances in order. Stability and growth go together. They are two sides of the same coin", he said. Italy’s prime minister, Mario Monti, has already come out in support of growth measures to tackle a crisis that appears to be reaching a breaking point, with Greece heading towards an election that could throw its eurozone membership into question.
When Hollande made a pre-election promise to tear up the European Union's fiscal pact, of which his predecessor Nicolas Sarkozy was so proud, it set the Socialist on course for a clash with German Chancellor, Angela Merkel. She insisted Europe must continue to take the poison when it comes to austerity.
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