In sidelining Britain, France has completely thrown its lot in with Germany. Ambrose Evans-Pritchard at the Daily Telegraph (you can read his blog here) suggests that the Merkozy alliance will not last:
"Does France, for that matter, really want to be locked into a clammy embrace with an ever stronger Germany? The whole purpose of monetary union for Paris was to tie down a reunited Germany with silken cords. France now finds its own hands tied because of EMU, reduced to a humiliating side-kick. But the vain and hysterical little man now in the Elysée will soon be gone. A leader will emerge once more with a "certaine idée de la France".