仏大統領選 オランド氏は欧州危機回避を

The Yomiuri Shimbun (May. 9, 2012)
Hollande must seek ways to tame European credit crisis
仏大統領選　オランド氏は欧州危機回避を（5月8日付・読売社説）

Francois Hollande, former first secretary of France's Socialist Party, edged Nicolas Sarkozy to win the runoff of the French presidential election Sunday.
　フランスの大統領選決選投票で、社会党のオランド前第１書記がサルコジ大統領を僅差で破り、当選を決めた。

Hollande will be the first Socialist president in the country in 17 years, following Francois Mitterand, who served from 1981 to 1995.
　社会党の大統領は、１９８１～９５年に在任したミッテラン氏以来、１７年ぶりとなる。

Given the defeat of Sarkozy, who led efforts to bring the European sovereign debt crisis under control, fears are spreading among global markets that the crisis will flare up again.
　ギリシャ支援など欧州債務危機の収束策を主導してきたサルコジ大統領の敗北を受けて、世界の市場には、危機が再燃するのではないか、との警戒感が出ている。

At the Tokyo Stock Exchange on Monday, the Nikkei Stock Average suffered its biggest single-day point drop this year. The euro also nosedived. These are major symptoms of such fears.
　東京市場で平均株価が今年最大の下げとなり、ユーロが急落したのは、その表れだ。

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Fiscal rehabilitation, growth policy

More than anything, Hollande, who will formally take office in mid-May, must first do everything in his power to bring the credit fears in Europe under control.
　今月中旬に就任するオランド氏は何よりもまず、欧州の信用不安の収束に全力を挙げて取り組まねばならない。

The big problem here is that Hollande has said he will renegotiate the new EU intergovernmental treaty designed to strengthen fiscal discipline. If he sticks to revisions to the austerity treaty, cooperative relations in the eurozone, which have been built up with the leadership of France and Germany to resolve the European debt crisis, could be shaken.
　問題は、オランド氏が、財政規律強化のための欧州連合（ＥＵ）新条約について、再交渉を掲げていることだ。条約修正にこだわれば、欧州の危機封じ込めを目指して独仏主導で築いてきたユーロ圏の連携が、揺らぎかねない。

Hollande's first order of business after assuming office is to have talks with German Chancellor Angela Merkel. The action is apparently designed to allay various fears by demonstrating continued Franco-German cooperation. Balancing fiscal rehabilitation and growth-oriented economic policy is important for the global economy, too.
　オランド氏が就任後、真っ先にメルケル独首相と会談するのも、独仏協調を打ち出して懸念を払拭する狙いがあろう。財政再建と成長路線のバランスをとることが世界経済にとっても重要となる。

During the election campaign, Hollande emphasized the importance he places on growth strategy and securing employment, arguing that a tight fiscal policy alone will aggravate the economy. This stance appealed well to voters who are dissatisfied with the high unemployment rate.
　オランド氏は選挙戦で、財政緊縮だけでは景気が悪化するとして、成長戦略と雇用確保を重視する姿勢を強調した。それが、高い失業率に不満を持つ有権者の受け皿となったと言える。

He even said arguments opposing fiscal austerity measures, which spread over Europe, are a driving force to change Europe.
　欧州で広がる財政緊縮策への反対論を「欧州を変える原動力だ」とも表現した。

Hollande emphasized economic growth. This position itself is appropriate.
　オランド氏が経済成長に力点を置いたこと自体は妥当だろう。

However, he has not presented any specific measures to bring about growth. We have serious questions on whether he will be able to achieve fiscal health.
　だが、有力な手だてがあるわけではない。財政を健全化できるかどうかも大きな疑問符が付く。

While he talked about raising tax rates for high income earners, he also made such election pledges as reversing an increase in the age for full pension eligibility and making a major increase in the number of teachers, which will result in fiscal burdens.
高額所得者への課税強化を打ち出す一方で、年金受給開始年齢の引き上げ撤回や教員数大幅増など財政に負担となる公約を並べた。

Such populist policy measures could possibly undermine market confidence further.
　こうした大衆迎合的な政策は、市場の信認を一層低下させる可能性がある。

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Greece as source of worries

In a Greek general election held the same day, small parties that oppose fiscal austerity measures increased their share of seats in parliament. This fact is also a source of concern.
　同じ日に行われたギリシャの総選挙で、財政緊縮策に反対する小政党が勢力を伸ばしたことも懸念材料だ。

The center-left and center-right parties that have promoted fiscal rehabilitation policy in a grand coalition government failed to win even a combined majority in the legislature.
大連立政権で財政再建を進めてきた中道左派、中道右派の２政党の議席は、合わせても過半数に達しなかった。

Greece, the starting place of the European debt crisis, has been receiving assistance from the European Union and the International Monetary Fund.
　欧州危機の火元のギリシャは、ＥＵや国際通貨基金（ＩＭＦ）の支援を受けている。

The center-right New Democracy party has begun negotiations with other parties to create a new coalition government. It is necessary for the country to establish an administration to steadily carry out fiscal austerity measures that are among the conditions for receiving additional rescue loans.
中道右派政党を軸に新たな連立への交渉が始まったが、追加支援の条件である財政緊縮策を着実に実行できる体制を築く必要がある。

(From The Yomiuri Shimbun, May 8, 2012)
（2012年5月8日01時25分  読売新聞）