Elections in both France and Greece have a message to European leaders that voters are unhappy with the austerity measures ordered by the European union.
Lord Peter Mandelson told the Today programme that, should Greece decide to leave the Eurozone following the election, it would call into question the future framework of the Euro.
"It would put a question mark over the risk of contagion - market contagion and panic - spreading from Greece to other periphery countries in the eurozone," he said.
"But I'm not at all convinced just now that Greece is going to do that - because Greece has no access to market funding, to finance its national needs."
He said that the "top priority" for new French president Francois Hollande and German chancellor Angela Merkel will be to stop the Eurozone from splitting, but that greater political integration will be required to achieve that end.
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