摘要：The election of the youthful Emmanuel Macron as President of France has re-awakened the hope that the European Union could fi nally start moving forward again. Reforming the euro area seems an obvious fi rst step. However, this might be more diffi cult than com- monly anticipated. Much has been made of the prospect of a new era of Franco-German leadership. However, the German part of it is unlikely to change. Moreover, France and Germany can only lead if other member states are prepared to follow. This might be much less likely than widely assumed.
