The result will mean that the Socialist Party led by president Francois Hollande will be able to govern without depending upon Green or Communist parliamentary members. The Socialists reportedly won 320 seats far more than the 289 needed for a majority. Sarkozy's party won 221 and the right wing National Front only two seats.
Turnout for the second round of elections was 56 per cent. The Socialist Party now has control of the presidency, upper and lower houses, all but two regions and most large cities.
However Hollande now faces the task of raising revenues and no doubt taxes and cutting spending as well. For more see this Bloomberg article.