Sunday 22 January 2017

Euro alliance put to the test in this time of peril

Published 18/11/2011 | 05:00

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.

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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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