BERLIN - The German government on Sunday welcomed Francois Hollande's victory in the French presidential election, stressing the two countries will continue to work together in addressing the eurozone debt crisis.

Calling Hollande's election as a "historic event",  German Foreign Minister Guido Westerwelle said both sides should keep on cooperating closely in implementing the European Union's policies and coping with the common challenge.

"We hope to keep on very close cooperation with the French new president, and we want to make common efforts to overcome the debt crisis," Westerwelle said at an election-night party in the French embassy at the German capital.

"Europe, it is our common destiny," the foreign minister said to French reporters.

"Germany and France have a fiscal compact, and now both countries want to reckon up a growth compact for more competitiveness to it," said Westerwelle, adding that both countries will continue to be stabilizing factors and motors for the European Union, and further work together to tackle the eurozone's debt crisis.

"I have no doubt that we will rise to our common challenges with an even closer partnership," Westerwelle added, as Hollande unseated the incumbent Nicolas Sarkozy, who had been deemed as an ally of Germany's Chancellor Angela Merkel in a wide range of eurozone policies.

Hollande has been advocating renegotiating the fiscal compact by adding a "growth pact" to the existing treaty already signed by 25 EU countries during his election campaign.

His stance has raised concerns over potential discord between the two most powerful economies in the eurozone.