France's Hollande risks German ire with new euro pact Mr Hollande, 57, the first socialist leader of France since Francois Mitterrand left office in 1995, officially took over from Nicolas Sarkozy in a relatively low-key inaugural ceremony at the Elysée Palace this morning. Today many peoples, starting with those in Europe, are awaiting and watching us. To overcome the crisis hitting it, Europe needs projects, it needs solidarity, it needs growth," he said. Mrs Merkel is categorical that the pact, signed by 25 of the 27 EU countries and already ratified in some, must stay as it is. Mr Hollande was at pains not to downplay the constraints his country faces, "I take stock today of the force of the pressures our country is under: massive debt, feeble growth, high unemployment, damaged competitiveness, a Europe that is struggling to get out of the crisis," Hollande told a select group of dignitaries at the Elysee Palace. Nothing is inevitable as long as we are driven by a common will, as long as a clear course has been set, and we apply all our strength and the assets of France. Such is the mandate I have received from the French people on May 6. Put France back on its feet with justice, open a new path in Europe, contribute to world peace and to the preservation of the planet," he said.