The summit of Europe’s deception

Has French president François Hollande already conceded defeat in the face of German chancellor Angela Merkel’s implacable obstinacy?

That’s the question that southern European leaders will be anxiously pondering, as they head towards a crucial European summit later today.

Will Hollande, who until now has been the undisputed champion of growth in Europe – pushing for the creation of ‘eurobonds’, and for the European Central Bank to buy more Italian and Spanish bonds – continue to hold out against Berlin’s intransigence? Or will he give in to Merkel’s insistence that countries such as France, Spain and Italy must agree to closer supervision of their budgets and banks if they want German taxpayers to shoulder their debts?

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