In an election upset, French presidential candidate Francois Hollande edged out French President Nicolas Sarkozy for the top political seat in France today.

The run-off election mirrored the preliminary election results from two weeks ago, when Hollande took the election with a slight lead over President Sarkozy. But, because he did not wiin with an absolute majority in that election, a run-ff election was held today.

Hollande, the 57-year-old socialist challenger took more than 51% of the votes compared to Sarkozy’s 48.1%.

Hollande, who proposes a 75% tax on the rich, is the first socialist president since the presidency of Francois Mitterrand, who ran the country from 1981 until 1995.

The race was focussed mainly on the country’s economic woes, both candidates promised to balance that country’s budget within five years.

Hollande’s victory throws into doubt the European Union’s economic future, current president Sarkozy has a personal relationship with German Chancellor Angela Merkel. Their friendship drove policy in the Union.

Sarkozy sealed his fate when he veered strongly to the right in an effort to pick up the votes of the far right candidate Marine Le Pen, the president of the “Front National,” she took 18% of the vote in the preliminary elections. Neither candidate picked up her support in the run-off election.

Centrist candidate Francois Bayrou, immediately after Sarkozy’s swing to the far right, endorsed Hollande, bringing defeat to Sarkozy.

It was a 42-year wait for Hollande, who, at the age of 15, was asked what he wanted to be when he grew up, he replied, “I shall be president of the Republic.”