Britain is Not the Only Country with Reservations

Just in case anyone thought that Britain alone had reservations about the new Euro pact, Le Figaro reports that France’s Socialist Party contender for the presidency, François Holland, has stated that he will renegotiate the agreement if he wins the election. Unfortunately, while talking about the efficiency of the markets, he also emphasises the use of Eurobonds. These will not be acceptable to Germany, partly because they will discourage market efficiency, partly because Germany would end up shouldering most of the cost and partly because they simply won’t work.
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