Summon “la resistance”

No wonder Hollande is worried stiff:

Hollande Worried

François Hollande promised an “offensive” to bring “more growth and less austerity” to Europe as he launched a bid to resurrect his presidency.

Struggling against record low approval ratings and an economy in reverse, Mr Hollande laid out proposals for closer “economic government” of the eurozone, a drive to tackle youth unemployment and a 10-year investment plan for France.

But Germany will not ‘set Paris free’ (again):

Mr Hollande is being pushed hard by France’s European partners – especially Germany – to speed up the pace of reform to reinvigorate the eurozone’s second-largest economy, which has suffered badly declining competitiveness in recent years.

3 thoughts on “Summon “la resistance”

  1. What do you think, why wasn’t Draghi’s reversal of rates and LTRO-s enough to bring back the NGDP to the previous (post-crisis) path? Why didn’t Draghis appointment (the fact that Trichet was leaving) have a positive effect? My guess… its German stance on the matter. In Japan they knew Abe was going to shake things up so Shirakawas earlier resigning did good to the markets. But im still puzzled, ECB doesnt actually need German backing, it wouldn’t be the first time Weidmann stood alone in the council. Despite everything, ECB isnt independent at all

  2. France needs to bring back the franc and let it float relative to the euro in order to target nominal GDP. The euro has been a disaster. Expect riots in summer.

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