In his victory speech in Tulle city, Hollande, a Socialist Party member, promised to make an all-out effort to help the country ride out the current crisis while creating equal access to healthcare and educational services for all citizens.

The new president made his commitment to justice, equality, and the younger generation. But it is no easy task for him to fulfill these commitments in the context of the ongoing economic slowdown and an unemployment rate expected to top 10 percent.

Last year, France’s trade deficit hit a record high of more than EUR70 billion while public debt exceeded EUR1.7 trillion, 5.2 percent of the GDP. His first task as president will be to unite all the people to weather current and looming challenges.

Hollande’s victory is a turning point for Europe because France is the second biggest economy in Europe and Hollande has said he will oppose the EU’s austerity policy.

Charles Kupchan, a Council on Foreign Relations expert, said that France's new president wants to reconsider the EU economic agreement to stabilize the zone’s currency. Hollande will likely pursue growth policies that could help him find much support from Greece, Spain, Portugal, and Italy but put him at odds with Germany on austerity measures.

The new French leader favors issuing European bonds to deal with the debts of Eurozone member countries. This is a solution that Germany has emphatically rejected.

There is a good chance France and Germany, as leaders of the zone, will have to resume negotiations on the European Budget Treaty. This is something German Chancellor Angela Merkel doesn’t want.

Hollande’s win could significantly affect France’s withdrawal of troops from Afghanistan. He has said France should pull out its military forces this year, two years ahead of NATO’s schedule.

Following the election, NATO immediately appealed to France to honor its pledge to maintain its troop level there. NATO spokesperson Oana Lungescu said any changes in the withdrawal plan must be discussed and agreed by member countries.