By Krystle Wong

Socialist candidate François Hollande has picked a new bad guy that isn’t the world of finance – austerity. A great pick, since it is currently Europe’s favourite bad word. Ever since the Greek crisis, European governments have been tightening up their belts to cut down on public debt, with mixed results and a lot of angst to show for it.

Increased unemployment, slashed benefits and weakened growth are a bitter pill to swallow. Initially pledging to slash France’s public debt, which is predicted to hit 87% of GDP this year, Hollande seems to have now turned into a yes-man for growth.

“We have to put the growth back in Europe and we should adapt our deficit-reduction targets accordingly,” Hollande said on France 2.

His line of logic is compelling for many Europeans who are tired of tough austerity measures. Hollande argued that if nothing was done to boost the economy, growth would fall short of forecasts and jeopardise deficit targets. He said the priority should therefore be securing growth rather than austerity.

It is a spoonful of sugar that should make many frustrated Europeans happy, but it will not go down well with European leaders. Hollande has previously set European leaders on edge by saying he would renegotiate the entire European fiscal pact, a feat that would reopen a treaty signed by 25 member states. With the blanket of austerity cast over Europe, Hollande would be a lone ranger in his quest for more growth.

Sarkozy has shot back at Hollande, discrediting him by calling his economic policies incoherent and ruinous. “It’s disrespectful to tell the French in the morning that you’re going to reduce the debt, in the evening that you’re not going to make any savings, and the next morning, after thinking about it, that you’re going to spend more,” he said.

I tend to agree with Monsieur le Président. Hollande’s about-face damages his credibility to handle the economy. Frustrated Greeks and Portugueuse may elect him based on such platitudes but France is still clocking in respectable numbers for growth forecasts. Austerity medicine may not taste good, but this spoonful of sugar will only counteract the measures if doled out so soon.

There is a time for growth to re-enter the list of agendas, but Hollande needs to remember what caused the crisis in the first place – governments spending more than they had. Austerity measures will take longer than just little over a year to correct such beleaguered budgets, and even longer for economists to be able to measure the effects. Right now is too soon for France to go back on its prescribed medicine.