Hollande’s crucial first task is to realise that “it’s the French economy, stupid”

One of the key problems that the newly elected French president François Hollande will have to tackle is France’s weak and falling export competitiveness. Bob Hancké suggests that this may not be quite as simple as some observers suggest: a large part of France’s economic policy-making has, due to the European monetary union (EMU), moved to Berlin – even before the current crisis – and another part depends on the strategic sourcing decisions of French companies.