Ambrose Evans-Pritchard has an interesting column in this morning’s London Telegraph dealing with the potential effects of a win by Socialist Francois Hollande in the upcoming French election:
“If I am elected president, there will be a change in Europe’s construction. We’re not just any country: we can change the situation,” he [Francois Hollande] said.
European allies are flocking to his cause from left and right, he claims. Not even Austria supports Germany’s austerity drive any longer.
This then is the birth of a Euroland growth bloc with well over 200m people and a commanding majority vote in the European Council, a defining moment in this saga. Mario Draghi at the European Central Bank is quickly bending to the new political dispensation with calls for a ‘Growth Compact’. The Commission – liberated at last – is finding ways to ‘extend deadlines” on fiscal targets.'”
Link (London Telegraph, 4/29/12)
MK Question: What if Germany, not Greece or Spain, were the first country to exit the euro? Says Evans-Pritchard, “the epicentre of Europe’s political crisis may soon be Germany itself.”