campaign of the "Union of the Left". At the 1974 presidential election, François Mitterrand received 43.2% of the vote in the first round, as the common candidate of the left. He faced Valéry Giscard d'Estaing in the second round. During the national TV debate, Giscard d'Estaing criticised him as being "a man of the past", due to his long political career. François Mitterrand was narrowly defeated by Giscard d'Estaing, François Mitterrand receiving 49.19% and Giscard 50.81%. In 1977, the Communist and Socialist parties failed to update the Common Programme, then lost the 1978 legislative election. While the Socialists took the leading position on the left, by obtaining more votes than the Communists for the first time since 1936, the leadership of François Mitterrand was challenged by an internal opposition led by Michel Rocard who criticized the programme of the PS as being "archaic" and "unrealistic". The polls indicated Rocard was more popular than François Mitterrand. Nevertheless, François Mitterrand won the vote at the Party's Metz Congress (1979) and Rocard renounced his candidacy for the 1981 presidential election. For his third candidacy for presidency, François Mitterrand was not supported by the PCF but only by the PS. François Mitterrand projected a reassuring image with the slogan "the quiet force". He campaigned for "another politics", based on the Socialist programme 110 Propositions for France, and denounced the performance of the incumbent president. Furthermore, he benefited from divisions in the right-wing majority. He obtained 25.85% of votes in the first round (against 15% for the PCF candidate Georges Marchais), then defeated President Giscard d'Estaing in the second round, with 51.76%. He became the first left-wing politician elected President of France by universal suffrage. Presidency First term: 1981–1988 In the presidential election of 10 May 1981, François Mitterrand became the first socialist President of the Fifth Republic, and his government became the first left-wing government in 23 years. He named Pierre Mauroy as Prime Minister and organised a new legislative election. The Socialists obtained an absolute parliamentary majority, and four Communists joined the cabinet. Economic policy The beginning of his first term was marked by a left-wing economic policy based on the 110 Propositions for France and the 1972 Common Programme between the Socialist Party, the Communist Party and the Left Radical Party. This included several nationalizations, a 10% increase in the SMIC (minimum wage), a 39-hour work week, 5 weeks holiday per year,