French Style PR.

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President François Hollande has announced a bilateral Franco-Spanish summit on October 10 after meeting Spanish Prime Minister Mariano Rajoy in Madrid. But many in Spain are beginning to question the French leader’s willingness to stand with them against potentially crippling German-inspired austerity measures.

But a new pro-growth alignment led by Hollande and seconded by a new pack of southern European heads-of-state, including Rajoy, has failed to materialize. In fact, the Paris-Berlin consensus feared by debt-weary Spain, Italy and Greece appeared to get new wings this week when the finance ministers of France and Germany unveiled a new bilateral working group to tackle the eurozone’s sovereign debt crisis.

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