So, Germany and France seem to be on a collision course, since Hollande’s policies appear to take France away from the pact, not towards it. For France – which has the highest public-spending rate in the eurozone at 56pc of GDP – to reduce its deficit to the agreed 3pc of GDP by next year, Paris will need to impose €18bn (£14.6bn) of cuts, according to the International Monetary Fund (IMF).