LONDON (MarketWatch) — In the wake of the first round of the French presidential election, a leaked document from Berlin, conveniently and somewhat revealingly translated into English, has found its way into MarketWatch’s hands.
Memo to Chancellor
Bundeskanzleramt, Berlin, 23 April 2012
From [ ] NAME BLACKED OUT
Esteemed Bundeskanzlerin, I am sorry. The results of the first round do not look good. I have to tell you that French elections traditionally propel change in the Franco-German monetary alignment. One of the reasons for monetary union in Europe was, as you may recall, to free us from the old style of doing things. But France is an old nation, and old patterns die hard. The French seem to be becoming more French, just as we are growing more German. So I would get ready, distinguished lady, for another change now.
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