It has been France’s most intense presidential race in decades and the winner will have to act fast to avoid disappointment.

For months, the business of government and the EU have been paralysed by an election that is supposed to mark France’s rebirth. Many felt robbed of a chance for renewal in 2002 when Jean-Marie Le Pen of the far-Right National Front ended in the run-off with President Chirac.

This time, all the candidates cast themselves as “anti-establishment” and all except Mr Le Pen broadly agreed in their diagnosis of the ills that have caused stagnation: high debt, over-regulation, over-taxation and a Government that consists of a self-protecting elite.

The finalists offer contrasting remedies. Mr Sarkozy has pledged to work flat out to the end of July supervising laws and decrees that would “restore the value of work”. A key reform will be the exoneration from social security and income taxes all hours worked beyond the 35-hour maximum week. He wants to revamp the labour laws and crack down on welfare waste, setting British-style rules that stop unemployment benefit after two job refusals. He hopes to achieve much of this in the summer, when opponents are less likely to take to the streets to demonstrate. Abroad, he would mend bridges with the US and reassert French influence in the EU.

Ms Royal has promised to lift the purchasing power of poorer families, mainly by raising the minimum wage. She aims to cut taxes for the low-paid and raise them for the high-paid. She also aims to subsidise young people’s first jobs. Abroad, she wants to persuade the German Chancellor and other leaders to support her aim for a more “social” constitution to replace the document rejected by French and Dutch voters in 1995.

But there is a big question mark over both candidates’ plans. To govern fully, they must await general elections in mid-June. It is possible that the opposition could win parliamentary power. This would render the President an observer while an opposing leader becomes Prime Minister.

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