Francois Hollande defeated the incumbent Nicolas Sarkozy around a fortnight ago. It marks the first time a Socialist has occupied that Elysse Palace since 1995.

The new French President has asked for this morning’s event to be as low key as possible. It began before 10am today, with Hollande meeting and talking with Sarkosy in the presidential palace.

Mr Hollande has only invited around three dozen personal guests to the event, which is also attended by 350 officials, although he has not brought his wife and children with him.

After this morning’s ceremony is complete, Mr Hollande will be thrown in at the deep end, as he is off to a conference in Berlin to discuss the financial future with German Chancellor Angela Merkel.

He has said that he will try and find a compromise with Mrs Merkel, as Germany continues to follow its path of austerity as a way out of the Eurozone crisis.

"We don't think the same on everything," Mr Hollande acknowledged on French television on Monday. "We'll tell each other that so that together we can reach good compromises." He is also set to meet US President Barack Obama on Friday.

It’s a well timed meeting as well, as things in Greece appear to be worsening. The value of stock markets and the Euro crashed yesterday thanks to the ongoing problems in the country.

Eurozone finance minister Jean-Claude Juncker said that they would do everything they could to keep Greece in the Euro, but that the country would have to continue their “significant efforts” already made to restructure its economy, despite the unpopularity of such moves.