Introduction

Abstract

In that wonderful cartoon of Jacques Faizant depicting the historic ceremony in January 1963 at which the Franco-German friendship treaty was signed, President De Gaulle says to Chancellor Adenauer (in their 70s and 80s respectively) ‘hurry up Conrad, you are not immortal’. Adenauer’s hesitation stemmed from concern that de Gaulle was trying to wean Germany away from its close alliance with the US. The real pity of that moment emerges now, almost a half-century later. If only the two heads of state had agreed then on a monetary union between France and Germany. And it would have been so simple given that both countries were on the dollar standard meaning that the exchange rate between the Deutsche mark and French franc was already fixed.