Germany had priced itself out of the market by the late-1990s. It is basically pricing itself back into the market.

Countries like France and Germany just aren't ready for any further expansion of the EU from an economic point of view. The negotiations with Turkey basically have to be forgotten about for the next five or six years.

Within Europe, Germany wasn't exactly a leader for reform, nor a leader in anything, and that will just continue.

The main way in which these markets become 'contestable' is thus via takeovers of less efficient players.

On the Continent you find varying shades of openness. There is a wide variety of views as to the extent one should allow raw capital to be allowed to do its work.

Russia has shown it's not above the temptation of using some bargaining power or blackmail. It shows that if there is a way to get some political-economic advantages from a temporary weakness of your partner, the Russians will use it.