How the world reacts to Reagan's inassive victory; West Europe

For the most part continental Western Europe has reacted to Reagan's election with reserve. Many politicians are emphasizing the continuity of the Western partnership and arms-control efforts regardless of the officeholder.

West German Chancellor Helmut Schmidt's congratulatory telegram expressed Bonn's wish to continue US-West German cooperation. Mr. Schmidt is expected to meet the American President- elect in two weeks in the US.

French President Giscard d'Estaing cabled Reagan that he trusted there would be progress in maintaining peace and freedom in Reagan's administration. One Giscard associate, Republican Party leader Michel Poniatowski, expressed "relief" at Reagan's election and hoped that Reagan would help restore American strenght vis-a- vis the Soviet Union. A senior Giscard aide had previously suggested, however, that Giscard saw little possibility for common views between Reagan on the one hand and Giscard and Schmidt on the other.

Gaston Thorn, the Luxembourg chairman of the European Community Council, saw a risk that America might be drawing back into itself, with unfortunate consequences for Europe.