Should Socialist Francois Hollande be elected president of France in the runoff election on May 6, that will help create an antidote to the austerity politics that are dominating Europe. It will break the Franco-German conservative axis known as Merkozy. But France is just one country, albeit one of Europe’s most important ones. And France alone can’t dislodge Europe from the austerity path. Indeed, if France pursues growth while the rest of Europe sticks to austerity, that will just widen France’s trade deficit and invite speculation against French government bonds. A left government in Berlin would help, but the German elections are more than a year away.