Reuters Breakingviews blog: Hollande's sins more those of omission By Hugo Dixon

There is a risk that, caught in his campaign anti-capitalist rhetoric, Hollande might have no other choice than actually trying to implement some of these proposals to the letter. The more he insists that he wants "substantial" changes to the euro treaty, for example, the more difficult it will be for him to climb down once he is president.

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Other euro zone countries, such as Italy and Spain, are being forced by the crisis to reform. But France is not. Ten-year bond yields, at 2.9 percent, are admittedly 1.1 percentage points more than Germany's, but that's still a lot less than Italy's and Spain's levels of 4.8 percent and 5 percent respectively. To be fair, Sarkozy is now talking about supply-side measures such as cutting social security payroll taxes. But he wasted the opportunity to reform during the last five years and is unlikely to be given another chance. Hollande, meanwhile, isn't even talking about such matters - and is keeping characteristically mum about how he will cut public spending.

This suggests two main scenarios for a Hollande presidency. One is that financial markets calm down, there is no reform and France wastes another five years. The other is that a new phase of the euro crisis erupts, forcing Hollande to embrace reform at last. But given his failure to prepare the French people for change, and their predilection for taking to the streets to protest at reductions in their privileges, this could be a rocky ride.