Live updates: French inauguration
Welcome to the BBC's live coverage of the swearing in of Francois Hollande as France's new president.
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09:00 Mr Hollande shakes hands with guests at the 18th Century palace after his short speech. Meanwhile, the Elysee Palace website has changed to reflect Mr Hollande's new status .
08:58 The new president said he would be proposing to the EU a new pact that would not only cut debt levels, but also boost growth. He said "justice" would be at the centre of any decisions he makes. Mr Hollande was elected on a programme of opposing austerity policies pursued across the EU. Later he will travel to Berlin to meet their most important backer, German Chancellor Angela Merkel.
08:50 In an address, Mr Hollande says he is "aware of the challenges" that the country is facing and promises to do his best to provide unity. "Our differences should not become divisive. Our diversity should not disunite us. The country needs reconciliation," he says. He also says he will work to fight "racism, anti-Semitism and all other forms of discrimination."
08:45 Mr Hollande is sworn in as the new president of France - the 7th president of the Fifth Republic.
08:43 Mr Hollande is awarded the Legion d'Honneur, France's oldest and highest distinction.
08:40 Mr Hollande and Mr Sarkozy come downstairs after their meeting and shake hands. Mr Sarkozy leaves the palace with his wife, Carla Bruni, to applause from the waiting crowd. French TV says Mr Hollande did not wait for his car to leave.
08:31 A formal handover ceremony is set to take place any minute in which Mr Hollande will sign a statement and make a short speech. Mr Hollande, who will be the country's first Socialist president in 17 years, has been active in politics for many years. You can read more about the next leader .
08:18 Guests are in the Elysee Palace waiting for the ceremony to begin. After taking his oath, Mr Hollande will take part in a traditional procession in an open-topped car along the Avenue des Champs-Elysees.
08:13 Francois Hollande arrives at the Elysee in Paris and shakes hands with outgoing President Nicolas Sarkozy. The two then head into a private meeting at which France's nuclear launch codes will be handed over.