European Institute

By Michael Mosettig, Former Foreign Editor, PBS News Hour

Washington policy wonks are so worried about the euro that a luncheon speech from German Vice Chancellor and Economics and Technology Minister Philipp Röesler packed a hotel ballroom. Sponsors of the event, the Friedrich Naumann Foundation, said they haven't pulled in this kind of crowd in two decades.

As the European Union faces the most serious crisis in its founding, NINE eurozone countries have ratified the Fiscal Pact, designed to bring stability and increased fiscal discipline to the 27-nation union.

The Pact, approved in January, by leaders of 25 of the 27 EU countries (UK and Czech Republic withheld support) requires ratification by 12 eurozone members to become effective in January 2013. As shown in the Institute of International and European Affairs chart below, nine eurozone members have ratified the pact— Demark, Greece, Ireland , Latvia, Poland, Portugal, Romania, Slovenia and Romania. National parliaments ratified the Pact, except in Ireland, where ratification was by nationwide referendum.

By Justine Revenaz, Editorial Assistant at European Affairs

Francois Hollande, who last month unseated incumbent Nicolas Sarkozy to win the French presidency, has added, in Sunday elections, a convincing victory in the parliamentary elections for his Socialist Party. Hollande said earlier on national TV that without a working majority in parliament he would be "a conductor without an orchestra."

Out of 577 total seats in the National Assembly the Socialists won 280 with another 34 from two allied parties, giving the parliamentary bloc 314 seats and a very responsive orchestra for Mr. Hollande, considerably more than the 289 needed for an absolute majority. Sarkozy's party, Union for a Popular Movement, won 194 seats.

The parliamentary victory is important for Mr. Hollande, to pass the legislation necessary to honor the promises he made during his campaign. Those promises include promoting economic growth with regulation, creating jobs, and strengthening the euro and protecting the eurozone. Mr. Hollande's victory will showcase him as a strong newcomer at the G20 meetings in Mexico.