Focus Europe - Big Policy en route

Table of Contents
Eurostress: Big policy en route ........................ Page 03
France: what next for Fran çois Hollande.......... Pa g e 10
Greece .............................................................. Page  17
Slovenia ............................................................ Pa g e 20
Euro Soverei g n Events: What to watch ........... Pa g e 26
UK: Issues on g rowth ....................................... Pa g e 28
Hun g ar y: Prog ress, of sorts ............................. Pa g e 37
Rate Views ....................................................... Pa g e 39

The national governments’ response to the euro crisis was stuck under the
weight of political and legal constraints, with a lull which could well extend
beyond the summer. The ECB is the only  institution which could unlock the
situation. We think that Draghi’s speech  in London on 26 July, provided it is
complemented by swift coordination  with the national governments, is a
convincing plan to support the adjust ment of the two systemic peripherals.