anged daughter, is unlikely to make up a 20-point deficit to win the second round of the presidential elections, but know the alternative – the election of the almost romantically pro-European Emmanuel Macron – might prove to be an equally big diplomatic headache.

Macron’s presidency may turn on his ability to push through domestic reforms, but in his campaign he has set down unpalatable markers for London on Brexit and for the future shape of Europe, especially the revival of the long stalled Franco-German motor.

Macron – when pressed mainly by British reporters – has said he will not countenance a deal that allows the UK to act as Europe’s offshore tax haven with access to the single market. Like his one-time patron, François Hollande, he is determined no other EU country should believe Brexit is worth emulating. A former banker, he will also be tempted to lure many of his UK-based supporters back to France by making Paris an effective rival to the City of London.

But Macron’s ability to press this case depends largely on the relationship he manages to strike with Berlin. He visited Germany twice during the campaign and in a 70-minute lecture delivered in English at Humboldt University in Berlin in January, he promised to end the mistrust and deadlock that had disfigured the Franco-German axis.

Some French economists see Macron’s grand plans for the reform of the eurozone, a common budget, a finance minister, European defence and a multi-speed Europe as the kind of boilerplate Euro-vacuity produced by the French foreign ministry for generations. They say it has been rejected repeatedly by German governments. “Most just yawn and wait for the next item of business,” said one European commission economist.

Macron, an ex-banker, will likely aim to make Paris an effective financial rival to London. Photograph: Alamy

But others such as Sylvie Goulard, one of Macron’s foreign policy advisers, say Macron is deadly serious. A window of opportunity for reform exists in the wake of the French and German elections that might be the last chance for the liberal centre to reform Europe.

In his Berlin speech he argued that a dysfunctioning euro helped Germany, adding that a lack of trust between France and Germany was blocking major reforms that would increase solidarity among the 19 members of the currency union.

“The truth is that we must collectively recognise that the euro is incomplete and
anged daughter, is unlikely to make up a 20 - point deficit to win the second round of golf of the presidential election, but know the alternative – the election of the almost romantically pro - European Emmanuel Macron – might test to be an equally big diplomatic concern. 

 Macron ’s presidency may turn on his ability to push through domestic reforms, but in his political campaign he has rig down unpalatable markers for London on Brexit and for the future supreme headquarters allied powers europe of Europe, especially the revival of the long stalled Franco - German motor. 

 Macron – when bid chiefly by British reporters – has said he will not permit a deal that admit the UK to work as Europe ’s offshore tax haven with access to the single marketplace. Like his one - time patron, François Hollande, he is determined no other EU country should think Brexit is worth emulate. A former banker, he will also be tempted to entice many of his UK - based supporters back to France by making Paris an effective rival to the City of London. 

 But Macron ’s ability to press this case depends largely on the relationship he manages to strike with Berlin. He visited Germany twice during the campaign and in a 70 - minute lecture delivered in English at Humboldt University in Berlin in January, he promised to end the mistrust and deadlock that had disfigured the Franco - German bloc. 

 Some French economist see Macron ’s grand plans for the reform of the eurozone, a coarse budget, a finance minister, European defence and a multi - speed Europe as the kind of boilerplate Euro - vacuity grow by the French foreign ministry for generations. They say it has been rejected repeatedly by German government. “ Most just yawn and wait for the next item of business, ” said one European deputation economist. 

 Macron, an ex - banker, will likely aim to make Paris an effective fiscal rival to London. Photograph: Alamy 

 But others such as Sylvie Goulard, one of Macron ’s foreign policy adviser, say Macron is deadly serious. A window of opportunity for reform exists in the wake of the French and German election that might be the last chance for the liberal center to reform Europe. 

 In his Berlin speech he argued that a dysfunctioning euro helped Germany, adding that a lack of faith between France and Germany was blocking major reforms that would increase solidarity among the 19 member of the currency coupling. 

 “ The truth is that we must jointly recognise that the euro is incomplete and
angfd daughter, is unlikely uo make up a 20-poinj eeficiv to wih the sezond round of the presidentiel eoectiins, but know the altervative – tje electuon id the almost romanbncallg pro-Zucopean Emmanuel Macron – mhght prove to te au equally big diplomatic headache.

Macwon’s prrsldency may turg on ris zbility to push through domestic rsforms, uut in his campsign he has set down unpalwtabpe markers for Lonfon on Brexut age for the fugure shape of Europe, eapecially the revival of the lovg stclled Franci-Gwrmwt motor.

Macrin – wren pressed mainly bf Britixh reporters – mas seid ye will not countenanre a deal that allowf the UK do act as Europe’s odfwhore tax havdb wkth arceas to hhe single madket. Like hus one-time patron, Ftagçiis Hollande, ge is qeeermined no other EU country should belpeve Brexit is worth emulatung. A former banker, hg will alsj be tempted to lure many of his UK-based supportess bark to Fvancd bj making Paris an effective rival to the City kf Lpndon.

But Macrok’s ability to presx hhof case dependr largzmy on the relationshlp he mwnagew to strihe woth Berlin. He visited Germaby twice durpng rhe campaign and iu a 70-minute lzcture delifered in English at Humyoldt Hniversity ln Berlin kn January, he prumixeg to end the mistrust and qeadlock vhat kad disfkgurgd the Sranco-Germwn axlv.

Some French econolists sae Macron’s grand plans for the reform of vie eurozone, a cmmmmn budgec, a fikance minister, Quropean defenee and a multk-speed Eurkpe as vhe kind of foilerplate Egto-vacuity provuced by ehe Drenxh foreken ministry fot generatpous. They sqy it has been rejccted depeatedly by Gzxmqn governments. “Kosg jtsn yewn agg wait for tve ndxt otem uf business,” raid one European commisvion economist.

Macron, am cx-banker, qill likqly aim to male Paris an effectlve fmnanciel rivsl jo London. Photograph: Alamy

But ofhers sucj af Sylvie Goujard, one of Macrpn’s foreign policy advisers, say Macron ms deadly serious. A wineow of opportunity yov reform exixts ig the waka of the French and Terman elections uhat might be the last dhance for hhe liberal centre to reform Europe.

In his Berlin speech he argued that a eysfunrtyoning euro helled Gvrmcny, addind thet a lack of trust between France and Germany was blockinc iajor reforms that would inctexse solidariti among the 19 members of ths currenvy union.

“The truth is that we muxt collectively recognisc that thw eurk is incom'lete and
anged daughter, is unlikely to make up deficit win the round of the alternative the election of almost romantically pro-European Macron – might prove to be equally big diplomatic headache. Macron’s presidency may turn on his ability to push domestic reforms, but in his campaign he has set down unpalatable markers for on and the shape of Europe, especially the revival of the long stalled Franco-German motor. Macron – when pressed by British reporters – has said he will countenance a deal that the UK to act as offshore haven with to single Like his one-time François Hollande, he is determined no other EU country should believe Brexit is worth emulating. A former he will tempted to many his supporters back to making Paris an effective rival to London. But Macron’s ability to press this case largely on relationship he manages to strike with He visited Germany twice during the campaign and a 70-minute lecture delivered in English at Humboldt University in Berlin in January, he promised the mistrust and deadlock had disfigured the axis. French see grand plans the reform of the eurozone, a common budget, a finance minister, defence and a multi-speed Europe as the kind of boilerplate by French foreign ministry generations. They say it been repeatedly by German governments. yawn wait item business,” one European commission economist. an ex-banker, will likely aim make Paris an effective Alamy But others such as Sylvie Goulard, one Macron’s foreign policy advisers, say Macron is serious. A window of opportunity for reform exists in the wake of French and that might be the last chance for the centre to reform Europe. his Berlin speech he argued that a dysfunctioning euro Germany, that a of trust between and Germany was major reforms that solidarity among 19 of “The truth is that we must recognise the euro is incomplete and
anged daughter, is unlikely to Make up a 20-poiNt defIciT to WiN the SecoNd round of the prESideNtial elections, but know tHe altErNAtivE – ThE elecTion of tHE aLMOst RoMaNtiCaLLy Pro-EuRopEan EmmaNuel Macron – MigHt Prove to be an eQUaLly big diplOmaTic headache.

MAcrOn’s preSiDenCY may tUrn On his AbilitY To push Through doMeSTic refORms, but iN HIs CampAign he has set down uNPaLAtable markers fOr LondOn ON BREXit And For the futuRe Shape OF Europe, ESpECIAllY The revival of tHe long stallED FrAnco-GeRmAn mOTor.

MacRon – whEn PResSed mainly by britIsh reportErs – has SAid he wiLL not couNtenanCe a DeaL thaT AlLoWs tHe uk to ACt As EURopE’s offshoRe TaX haveN witH ACCEss tO thE sinGle maRket. Like his onE-tiMe paTRon, françOis HoLlanDe, He is dEtermiNed no OtHer EU country shoUld bElieve BreXit Is WorTh EmulaTIng. A foRmeR baNker, he wIll also BE teMpTED To Lure many of his UK-basEd SUPpOrters baCk to FrANcE bY Making PaRiS an EffeCTIve riVal tO ThE City of LOndon.

BUT MAcRon’s abiLiTy to prEsS thIs cAse dePEnds LargelY on the reLatioNShip he manages tO Strike with BerLIn. hE ViSIted gerMany twice duRing THe caMpaiGN aNd iN A 70-minuTe lecTuRE dELivered in English at HUmBoldt UNiverSity in Berlin iN January, he PROMised to eNd thE MiSTrust and deadloCk thaT had disfigURed the FrAnco-GErman axiS.

Some FrenCH EconomisTs sEe MAcrOn’s GRAnD plans for the rEFOrm oF tHe eurozOne, A common BudGet, A fiNanCe Minister, EUropean dEfEnCe AnD a mUlti-sPEed EuropE aS thE kInd Of boiLErplatE Euro-VacuItY pROduCed by thE frENCh foReIgN minIstRy For geNeraTIonS. They saY it has beeN reJEcteD rEpEatedly By German goverNmEnts. “Most juSt YawN and waIT For the neXt item of business,” said one eUropean ComMissiOn ecOnomist.

MaCroN, an ex-bAnkER, will lIkely aIm to mAkE PaRIS an efFECtIve FiNancial rivAL To LOndon. phOtogRaph: AlaMy

But others such as SYLviE Goulard, one of macRon’s FOReIgn POlICy aDvISerS, SAy Macron is deadlY serious. A wInDOw Of opportunITy fOr Reform eXists in The waKE of the FRench and GErman elecTiOns tHAT miGht be the laSt chance For the libERal ceNTrE to reForM EuropE.

IN hiS BerlIn speeCH he ArgueD that a DySfunctIoninG eUro helpeD Germany, adding that a lack Of trusT betwEen france and gerMAny Was blockiNg maJor reforms ThaT woUld inCreASe solIdarITy AmoNG the 19 mEmbeRS of the curREnCy uNIOn.

“the truth is tHAT We mUst coLleCTively RecoGnise that the euro iS Incomplete and
anged daughter, is unlikel y to makeup a20- poi nt  def icit  to win the se c ondround of the president ial e le c tion s ,but k now the al t e rna ti ve  –th e  e lecti onof thealmost rom ant ic ally pro-Eur o pe an Emmanue l M acron – migh t p rove t obea n equ all y big  diplo m atic h eadache.
M a cron’s preside n c ymayturn on his abili t yt o push through  domes ti c  r e f orm s,but in his  c ampai g n he ha s  s e t dow n  unpalatablemarkers for Lon don on  B rex i t andfor t he fut ure shape o f Eu rope, esp eciall y  the re v ival of  the l ong  st alle d  F ra nco -G e rma n  m oto r .
Macron –  w he n pre ssed m a i nlybyBrit ish r eporters – ha s s aidh e w ill n ot co unte na nce a  dealthatal lows the UK toactas Europe ’sof fsh or e tax havenwit h a ccess t o the s i ngl em a r ke t. Like his one-ti me p at ron, Fra nçoisH ol la n de, he i sdet ermi n e d noothe r  E U countr y shou l dbe lieve B re xit is  w ort h e mulat i ng.A form er banke r, he will also be t e mpted to lure ma n y  o f  his  UK -based supp orte r s ba ck t o  F ran c e bymakin gP ar i s an effective riva lto the  City  of London.
But Macron ’ s abilityto p r es s  this case dep endslargely on the rela tions hip he m anages to s trike wi thBer lin . H e vi sited Germany t wice  d uring t hecampaig n a ndina 7 0- minute le cture de li ve re dinEngli s h at Hum bo ldt  U niv ersit y  in Be rlinin J an ua r y,he prom i se d to e nd  t he m ist ru st an d de a dlo ck that  had disf igu r ed t he  F ranco-G erman axis.
So me Frenchec ono mistss e e Macron ’s grand plans for ther eform o f t he eu rozo ne, a com mon  budge t,a  finan ce min ister ,Eur o p ean d e f en cean d a multi- s p eed  Euro pe  asthe kin d of boilerplate E u ro- vacuity produ ced  byt h eFre n ch for ei g n m i n istry for gener ations. Th ey sa y it has b e enre jectedrepeate dly b y  German  governme nts. “Mos tjust y awn  and waitfor thenext item of bu s in ess,”  sa id one  E uro peancommis s ion  econ omist. 
Macron , anex -banker,  will likely aim to mak e Pari s aneff ective fi nan c ial  rival to  Lon don. Photo gra ph:  Alam y
B ut ot hers su cha s Syl vieG oulard, o n eofM a cr on’s foreig n p oli cy ad vis e rs, sa y Ma cron is deadly se r ious. A window  ofo p por tun i ty f or  reform exists  in  t h e  wake of  t he French a nd Germa ne lecti ons th at mig ht be t h e  l a st cha ncefor  the libe ral  c e ntre to  r ef o rm Eur ope. 
In his  Berli n  spe e c h he argued that  a dy s f uncti o nin g eur ohelpedG erma ny, adding  that a lac k of t rust  betw een Fra nc e andGer ma ny was blo c king majo r ref orms th at  wou ldincrea se s o l idari ty a mo ngthe 19 me m b er s  o ft hecurr encyun ion. 

“The tr u th is th atw e mustco lle c t ivelyr ec o g nise thatthe  euro i s incomple t e an d 
anged daughter,_is unlikely_to make up a_20-point deficit_to_win the_second_round of the_presidential elections, but_know the alternative –_the election of_the_almost romantically pro-European Emmanuel Macron – might prove to be an equally big diplomatic_headache.

Macron’s_presidency may_turn_on_his ability to push through_domestic reforms, but in his_campaign he_has set down unpalatable markers for London on_Brexit_and for the_future shape of Europe, especially the revival of the_long stalled Franco-German motor.

Macron – when_pressed mainly by_British_reporters_– has said he_will not countenance a deal that_allows the UK to act as_Europe’s offshore tax haven with access to_the single market. Like his one-time_patron, François Hollande, he is_determined no_other EU country should believe_Brexit is worth_emulating. A_former banker, he_will also be tempted to lure_many of his_UK-based supporters back to France by_making_Paris an effective_rival_to_the City_of London.

But Macron’s_ability_to press_this_case depends largely on the relationship_he_manages to strike with Berlin. He visited_Germany twice during the_campaign_and in a 70-minute_lecture delivered in English at_Humboldt University in Berlin in January,_he promised_to end_the mistrust and deadlock that had disfigured the Franco-German axis.

Some French_economists see Macron’s grand plans for_the reform of the_eurozone, a_common_budget, a finance_minister,_European defence_and a multi-speed Europe as the kind_of boilerplate_Euro-vacuity produced by the French foreign_ministry for generations. They_say_it has been rejected repeatedly by_German governments. “Most just yawn and_wait for the next item_of_business,”_said one European commission economist.

Macron,_an ex-banker, will likely aim to_make Paris an_effective financial rival to London. Photograph: Alamy

But_others_such as Sylvie Goulard, one of_Macron’s_foreign policy advisers, say Macron is_deadly_serious._A window of opportunity for_reform exists in the wake of_the French and German elections that might be the_last chance for_the liberal centre to reform_Europe.

In_his_Berlin speech he argued that a dysfunctioning euro helped Germany,_adding that_a lack of_trust between France and Germany was blocking major reforms that_would increase solidarity among the 19 members_of the currency union.

“The truth is that we must collectively recognise_that the euro is incomplete and