PARIS -- The first round of the French presidential election will take place in less than 100 days. Strange as it may seem, neither of the two main contenders, Prime Minister Lionel Jospin and President Jacques Chirac, has formally declared his candidacy.

Is it fear of shooting first, or of harming their joint foreign policy? Reasons for their reluctance are not obvious, since no one doubts their intentions to run. One explanation may be provided by the absence, on both sides, of clear political challenges.

There is little chance, for instance, of the European Union becoming a major campaign issue. Chirac and Jospin fully agreed on the euro, and, as in the other euro-zone countries, its replacement of the national currency is considered to be a complete success.