PARIS — Regardless of who wins September's parliamentary election in Germany, the time has come once again for a major Franco-German initiative.

Regardless of their economic conditions or their confidence — or lack of it — in each other, France and Germany are more than ever jointly responsible for the future, if not the very survival, of the European project.

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Are there alternatives to Franco-German leadership of the European Union? Having Britain join them in a Club of Three would be a good idea, but it is out of the question nowadays. Britain has largely excluded itself from any leadership role in Europe. Gordon Brown is barely surviving as British prime minister, and the...