French President-elect Francois Hollande is to start work on forming a new government, after telling supporters his victory gave hope of an end to austerity.
Mr Hollande has vowed to rework a deal on government debt in eurozone member-countries to focus on promoting growth.
The Socialist leader won just under 52% of votes in Sunday's run-off election.
Centre-right incumbent Nicolas Sarkozy is the first French president since 1981 not to win a second term.'At the scene', gives the view from
The excitement has been building for two weeks, it was mixed with relief and perhaps some disbelief when the first estimate was broadcast. They have waited 17 years for a Socialist president.It will be interesting to see what happens next.
A teacher and a lifelong Socialist was standing next to me as the result came in - he wept. "It's an incredible moment," he said. "Not just for the Socialist Party but for France, for Europe. "
Maybe Hollande will succeed in making our own socialist government appear "Centre-right".