You nailed it. Hollande will have to implement austerity measures and won’t be able to keep his promises, which he knew were impossible to honor.
"I want to make it very clear that this middle-class tax cut, in my view, is central to any attempt we're going to make to have a short-term economic strategy."
President-elect Clinton, Jan 14, 1993
"From New Hampshire forward, for reasons that absolutely mystify me, the press thought the most important issue in the race was the middle class tax cut. I never did meet any voter who thought that."
President Clinton, first Oval Office address, Feb. 15, 1993
"I had hoped to invest in your [the middle class's] future...without asking more of you. And I've worked harder than I've ever worked in my life to meet that goal. But I can't."
He’ll thumb his socialist nose at Germany and inflate like crazy. France will announce the return of the franc within a year. The EU will collapse monetarily and immigration controls will go back in place across Europe. England will snicker quietly.