24 July 2012 Last updated at 07:32 ET

Ed Miliband says tide turning on austerity after Hollande talks

Ed Miliband said Francois Hollande was leading the economic debate in Europe

Labour leader Ed Miliband has declared the political "tide is turning" against the economics of austerity, after a meeting in Paris with French President Francois Hollande.

He said he and Mr Hollande agreed that Europe needed a "different way forward" to deal with the debt crisis.

Mr Miliband added that unemployment among young people was too high.

But EU governments, including Germany's and the UK's, say cutting deficits is the key to restoring economic growth.

During his recent election campaign, Mr Hollande argued that decreasing spending too rapidly would not ensure prosperity.

'New way'

Mr Miliband held a half-hour meeting with the French president, a fellow centre-left leader, at the Elysee Palace, saying afterwards: "The points of agreement we have were around the fact that the tide is turning against an austerity approach, that there needs to be a different way forward found.

"What President Hollande is seeking to do in France and what he is seeking to do in leading the debate in Europe is find that different way forward.

"We are in agreement in seeking that new way that needs to be found and I think can be found."

Mr Hollande visited London earlier this month, but UK Prime Minister Cameron has yet to go to Paris since the French elections, in which he supported the centre-right candidate Nicolas Sarkozy.

Downing Street later denied a rift between between Mr Cameron and Mr Hollande.

After his visit to Paris, Mr Miliband said: "We also discussed the emergency situation we face in relation to youth unemployment in our countries and the action that can be taken to do something about that.

"I believe action can be taken. I don't believe we need to leave a quarter of our young people out of work and nor does the president of France."