Franco-German alliance central to European stability, forum hears

Europe’s political and economic future is dependent on an ebbing key Franco-German alliance being re-established after important national elections this year, the vice chairman of the world’s largest asset manager said in Dublin on Tuesday.

Europe, which has been struggling with low growth for years, has potential for "upside surprises", said Philipp Hildebrand, vice-chairman of BlackRock, provided the continent can "steer through" a year of "very consequential elections" in the Netherlands, France and Germany this year. But for Europe to have a real future as a key global force, the pivotal relationship between Germany and France, which "unfortunately has come to be questioned in the past five years", needs to be re-established, Mr Hildebrand told a European financial forum in Dublin.

Foundation

“You have to have a strong foundation relationship between Germany and France to make the European project work,” said Mr Hildebrand.

He said Europe should be a “shining example” globally, in the current global phenomenon of anti-establishment sentiment, for having an economic model based on “dignity, education and redistribution” of income.

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However, it has been “entirely incapable” of pushing this as it has been preoccupied in recent years with crisis after crisis, he said.

A world, post Brexit and the US presidential election, dominated by “anger politics” and the “politics of the white working class” is all “linked to the same problem that has more to do with technology than globalisation,” said Hildebrand