Whatever the result of the French Presidential Election to-day, the consequences for the EU will be enormous for two simple reasons:
1) Will the "EUROZONE" and its existence be confirmed ?
2) Will the next French President not want to change the Treaties which govern the EU ? (Lisbon etc )
Furthermore, will Merkel, who has German elections coming up in 2013, still want to apply the same principles to save "Spain" (and other countries) if Greece decides to leave the EURO and "defaults" after its elections to-day ? To adopt the Drachma again would be a good way to wipe their slate clean !!!
The enormous cost of maintaining current policies and then bailing out Italy and Spain as well, could be prohibitive for the EUROZONE !!!
David Cameron would do well to bide his time. Let the dust settle after the local elections in Britain and also the elections in Europe !!! What EU burocrats then want will become a lot clearer !!! The costs also will become clear !!!