The SPD, in the shape of its President Franz M?ntefering, has opened the door – not to swarms of locusts, or hedge fund executives but to the CDU, and its leader Angela Merkel. M?ntefering said at the weekend he would back a grand coalition with the opposition CDU should the German chancellor Gerhard Schr?der lose next month’s general election. Of course, the consensus opinion is that this would just about kill the reform process stone dead. Morgan Stanley’s Elga Bartsch has a reasoned explanation for this view here (NB, you see I don’t only malign her. Hint: try Googling for “Elga Bartsch”).