Former EU commissioner Lord Mandelson told the BBC Radio 4 Today programme that he expected Mr Hollande and Mrs Merkel to mount a renewed push for greater EU integration in order to shore up the eurozone.
I think we are going to see the eurozone yet further challenged very seriously and I think that what you will see both from France and from Germany is a very united response.
I think that both from Mr Hollande and Mrs Merkel you are going to see the top priority being stopping the eurozone from splitting.
I think that you will see both of them saying that everything that needs to be done to save the whole post war settlement in Europe, as well as the euro, will require more European integration, not less. It will require more Europe, not less.
France's capital is back to normal after a night of celebrations for the new president. But France's politics looks very different today.
Francois Hollande is elected France's new president. He received 52% of the vote against 48% for Nicolas Sarkozy, according to projections.