In the coming days, the new French President's Francois Hollande's "growth compact" and the calm credibility of Italy's Mario Monti may help change the outlook for European reform and consolidation.

CNN: Opinion: Greeks prefer Europe to its own politicians

Renowned actor Gerard Depardieu has already taken up the offer of Russian citizenship, despite France's constitutional court vetoing Hollande's proposal.

CNN: A taxing time for French football?

The trouble is that unlike, say, Italy's Mario Monti, Mr Hollande's objection to the compact is not just about such macroeconomic niceties as the pace of fiscal tightening.

ECONOMIST: France's election