Despite the gravity of the situation, Hollande has three advantages: excessive austerity is unrealistic, given growing social opposition; public deficits are only a small part of Europe’s problems (and are not necessarily the source of the crisis); and a strong consensus has emerged outside of Germany to change tack.
Hollande bénéficiera de surcroît lors du sommet du G8 du soutien des USA qui craignent qu'une déflation en Europe ne ralentisse la reprise économique chez eux.