The Socialist Party (French: Parti socialiste [paʁti sɔsjalist], PS) is a social-democratic political party in France and was, for decades, the largest party of the French centre-left. The PS used to be one of the two major political parties in the French Fifth Republic, along with the Republicans. The Socialist Party replaced the earlier French Section of the Workers' International (SFIO) in 1969, and is currently led by First Secretary Olivier Faure. The PS is a member of the Party of European Socialists (PES), the Socialist International (SI) and the Progressive Alliance. The PS first won power in 1981, when its candidate François Mitterrand was elected President of France in the 1981 presidential election. Under Mitterrand, the party achieved a governing majority in the National Assembly from 1981 to 1986 and again from 1988 to 1993. PS leader Lionel Jospin lost his bid to succeed Mitterrand as president in the 1995 presidential election against Rally for the Republic leader Jacques Chirac, but became prime minister in a cohabitation government after the 1997 parliamentary elections, a position Jospin held until 2002, when he was again defeated in the presidential election. In 2007, the party's candidate for the presidential election, Ségolène Royal, was defeated by conservative UMP candidate Nicolas Sarkozy. Then, the Socialist party won most of regional and local elections and it won control of the Senate in 2011 for the first time in more than fifty years. On 6 May 2012, François Hollande, the First Secretary of the Socialist Party from 1997 to 2008, was elected President of France, and the next month, the party won the majority in the National Assembly. During his term, Hollande battled with high unemployment, poor opinion ratings and a splinter group of left-wing Socialist MPs known as "frondeurs". On 1 December 2016, Hollande declined to seek re-election and the PS subsequently organized a presidential primary. Left-wing Benoit Hamon was designated as the Socialist candidate after defeating former PM Manuel Valls. Facing the emergence of centrist Emmanuel Macron and leftist Jean-Luc Mélenchon, he failed to re-establish the PS leadership on the center-left and finished 5th in the 2017 French presidential election, gathering only 6.36 percent of the votes. The party then lost the majority of its MPs in the 2017 legislative election, securing 26 seats and becoming the fourth-biggest group in the National Assembly. The PS also formed several figures who acted at the international level: Jacques Delors, who was the eighth President of the European Commission from 1985 to 1994 and the first person to serve three terms in that office, was from the Socialist Party, as well as Dominique Strauss-Kahn, who was the Managing Director of the International Monetary Fund from 2007 to 2011, and Pascal Lamy, who was Director-General of the World Trade Organization from 2005 to 2013. The party had 42,300 members in 2016, down from 60,000 in 2014 and 173,486 members in 2012.