Merkozy Rides Again

Merkozy Rides Again

The main significance of the Merkozy summit is that it seemed to signal a shift in emphasis. True, the austerity agenda - promoted by the Germans and grudgingly accepted by the French - is still there. Indeed, Mr Sarkozy boasted that France's fiscal deficit was smaller than expected in 2011. Europe is making swift progress towards a “fiscal pact” to limit deficits, proclaimed Mrs Merkel, including German-style "debt brakes". A new treaty should be signed by March.

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