Media statement by Liew Chin Tong in Kuala Lumpur on Wednesday, 9^th May 2012:

Hollande's election an important and historic milestone for a more humane world economy

Democratic Action Party congratulates the Socialist Party of France, which is a fellow member of the international organisation for social democratic parties, Socialist International, on Francois Hollande's election as the President of France.

Hollande's success is an important and historic milestone towards a more humane world economy in the face of turbulent times ahead.

The German-led austerity policy, supported by the right-wing outgoing President of France, Nicholas Sarkozy, has resulted in misery and more entrenched unemployment across Euro zone and beyond.

The results of the French and Greek elections over the weekend and the British local election last week signified the backlash against the neoliberal response to the economic and financial crisis since 2008.

Hollande's election provided an opportunity for France and the world to place creation of decent employment at the core of government's policies. Such change of course to a social democratic and Keynesian approach will see the world economy recovering from a stalemate.

* Liew Chin Tong, DAP International Secretary & MP for Bukit Bendera