François Hollande, the French Socialist presidential candidate, is not seeking to unpick the European fiscal pact but wants to complete it with tools to promote economic growth, one of his senior advisers signalled yesterday.
Financial markets have been unsettled at the prospect of a victory for Mr Hollande in the May 6 run-off against Nicolas Sarkozy, fearing his refusal to ratify the treaty unless his demands are met could unleash fresh eurozone wrangling on cutting deficits.
“What concerns us is not what is in the treaty, it is what is not in the treaty,” Michel Sapin, a former finance minister who is Mr Hollande’s policy chief, told the Financial Times in an interview.
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