style="overflow: hidden; color: #000000; background-color: #ffffff; text-align: left; text-decoration: none; border: medium none;">Mr. Hollande says that he will replace austerity with growth. Why didn’t anybody think of that before? Unfortunately, a vacuous slogan is underpinned by ineffectual proposals. Mr Hollande’s programme stresses small, badly-targeted boosts to public spending, while virtually ignoring the structural reforms that are the only route to sustainable growth.