Macron, Merkel say ready to change EU treaties if needed

The government of Germany will not countenance anypolicy or reform that looks remotely like debt, tax/fiscal mutualisation/consolidation.

Euro-bonds and a comprehensive reform programme will be under the total control of the Bundesbank. The ECB, as presently will just be a front. Underlying monetary and fiscal policy will focus solely on the competitiveness of and for German economic interest.

The influence of the Bundesbank within the Euro system and the ECB is undeniable. Economic and monetary policy is heavy focused on the German financial model.

France's new President Emmanuel Macron must be aware of this fact, after all he purports be an investment banker. Surely he cannot believe that German Chancellor Angela Merkel is going to agree to any form of Euro-zone budget, EU wide corporate income tax.

France cannot compete with the industrial strength of the German economy. German financial weight, and the ability to force down wage growth with competitive tax cuts play to the advantages of the single currency.

France will have to find a way of withdrawal from the Euro to even keep pace.