The new “treaty of cooperation” is meant to deepen the relationship between the countries and complement the first Franco-German treaty of friendship, the Élysée Treaty, signed fifty-six years ago by de Gaulle and Adenauer.

The treaty names 15 “priority projects” but overall lacks ambition and concrete proposals. Nevertheless it demonstrates the willingness and renewed intent of two powerful EU Member States to work together. The full implications of the accord for the European Union remains unclear.

Specifically on Europe, France and Germany pledge to cooperate to complete the single market and the Euro, moving towards economic, social and fiscal convergence. This includes special attention to sustainable finance and high quality regulations of the financial market. On Europe as on other “priorities”, the Treaty is light on the details however.

Download our note for a full overview of the Treaty content.