Second referendum unlikely if Hollande rules France

The likelihood of Ireland having to hold a second referendum on the fiscal treaty has been cut by the announcement the man tipped to be the next French president will seek an addition to the document rather than reopen it.

Just weeks after the Irish vote, François Hollande, if elected, is expected to ask EU leaders at their end-of-June summit to acknowledge that growth-boosting measures are needed to balance the austerity written in to the treaty.

The idea is fast gaining currency, with the ECB president, Mario Draghi, telling the European Parliament: “We have to go back and make it a growth compact. That is very, very important.”