Listening to the comments of the various European leaders this morning, you’d be forgiven for thinking that they were attending different summits yesterday.
Francois Hollande, as quoted by the FT (emphasis ours):
The topic of this summit is not the fiscal union but the banking union, so the only decision that will be taken is to set up a banking union by the end of the year and especially the banking supervision.
We just had to highlight this excellent cut-out-and-keep guide, from today’s print FT, to the tussle over banking union, fiscal union, and debt mutualisation:
Spare a thought for the heads of French public companies who are having to dig deep and find their inner patriot after the new Socialist government issued guidelines limiting CEO pay to 20 times that of the lowest paid worker.
Just a day later Henri Proglio, chief executive at power group EDF, has apparently agreed to what amounts to a 70 per cent pay cut. He earned €1.6m last year – 65 times more than his lowest-paid worker. Read more
This way to the Grexit, sir…
Tuesday is a big day for France-German relations. Francois Hollande will be inaugurated president, and announce his choice of prime minister. Just hours later he’ll meet Angela Merkel, marking the genesis of a new portmanteau. Goodbye Merkozy! Hello Merd*!
While the relationship has had an inauspicious start, the signs are that it will go well, at least initially. Both leaders find themselves under pressure at home, but they need each other. Read more
It’s a Bank Holiday Monday in the UK so analysis is pretty thin on the ground. But here’s the best of what we have so far. A quick recap: François Hollande won the French election, while the Greeks rejected the country’s main austerity focused parties, opening the country to political uncertainty.
From Kit Juckes at Societe Generale: Read more