Editorial DOI: 10.1007/s10272-017-0672-9 Macron a Game Changer for Europe? The election of the youthful Emmanuel Macron as President of France has re-awakened the hope that the European Union could ﬁ nally start moving forward again. Reforming the euro area seems an obvious ﬁ rst step. However, this might be more difﬁ cult than com- monly anticipated. Much has been made of the prospect of a new era of Franco-German leadership. However, the German part of it is unlikely to change. Moreover, France and Germany can only lead if other member states are prepared to follow. This might be much less likely than widely assumed. The ﬁ rst key element is thus that one half of the Franco-German “couple” has not changed. Germany is likely to retain its chancellor after the elections later this year. More- over, Germany’s interests and its perception of the EU’s problems have not changed. This Franco-German discord was already visible a quarter of a century ago, when the foundations for the euro were laid in the Maastricht Treaty. At the time, the main problem was how to tame inﬂ ation. The German solution, supported by the consensus of the aca- demic research, was to create
Intereconomics – Springer Journals
Published: Aug 10, 2017
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