Friday 21 July 2017

Euro alliance put to the test in this time of peril

As the eurozone debt crisis affects France, with the spread between French and German government bonds widening to a euro-era high of more than 200 basis points (2pc), the alliance that has underpinned the entire European project since the end of World War Two is now in mortal peril.

How to deal with Germany has been the central issue of French foreign policy ever since Bismarck united the disparate German kingdoms and duchies into a single state in 1871.

In the aftermath of its ruinously expensive victory over its eastern neighbour in World War One, France adopted a punitive approach, with disastrous consequences.

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