POD time frame is unspecified, so I offer 2 broad approaches to the OP.
The more conservative one is also both deplorable IMHO and somewhat self-contradictory of the ultimate aim of Germany fighting Britain, France and Italy on one side, perhaps:
France goes right wing in the Depression reaction. I hate the idea, and don't understand the dynamics of French internal politics nearly well enough to sketch out a path or talk about probabilities, but I gather the prospect of a right wing dictatorship in France, perhaps even one keeping many trappings of Third Republic liberal democracy, might be in the cards. It would require heavy repression of large blocs of the electorate and I think the resulting society would punch below its weight (that is, even worse than the debacle of the 3rd Republic OTL) in terms of industrial and military potential. Right wing authoritarian France could have either a smaller but reasonably professional army composed of long servers with demonstrated commitment to the broad values of the right wing ruling regime, or continue the universal manhood service obligation levee en masse philosophy to get a force maximum in size but with many conscripts of very dubious loyalty, depending on the nature of the conflict. Realistically such a France would do a mix of both I suppose--continue with universal service conscription, but enlarge the long-term professional core, and keep a close political eye on the conscripts, with the military police having a watch list of citizen-draftees of "questionable loyalty", to pounce on them punitively for any false move.
Anyway a suitable form of French right wing ascendency that is not allowed to be destabilized by weak support for it across the entire mass of adult male citizens probably sees eye to eye with Mussolini across the board; the Ethiopia project for instance will only be disturbing from the point of view of balance of power, globally and in the east African region. Having come to terms with Fascist Italy pretty much on taking power some time between late 1929 and the very early '30s, Mussolini has little reason to prefer Germany to France.
It is bad for the OP because Germany is now pretty well contained. To be sure the objective potential power of the OTL 3rd Republic was probably much greater due to being a more inclusive liberal society; any oomph Mussolini adds will be less than the right wing dominance sacrifices in various ways. But perhaps in terms Hitler did pay attention to, France reinforced by Italy will look stronger as he measures things, and Hitler might conceivably be deterred from essentially his whole program. Austria for instance would tend to be onboard with the ATL's Franco-Italian bloc--at any rate without democracy. Democratically, a lot of Austrians might have voted themselves into the Reich, and enthusiasm for being a junior partner in an alliance of two of their Entente foes in the Great War will be troublesome too.
So--the general alignment as I see it on this track is that on paper, France is the heavyweight core of a right wing avalanche in Europe, the League of Nations is either dissolved or captive of this right wing Entente. On paper, it is a mighty hegemony. But Fascist Italy is actually the rock of stability versus internal discontents; the majority of French citizens range from lukewarm accommodation to repressed hostility for their own regime; Austria is torn by pan-Germanist Nazi tendencies--I figure a Czechoslovak crisis happens earlier and it is the Entente-Droit that turns on Czechoslovak liberal independence first, to build up a buffer containing the Reich in large part to shield Austria--rather than just incorporating dismembered Bohemia into an Empire, the multinational central Slavic republic is strongarmed into "regime change," being forced to accept a pro-Entente dictatorship under some puppet handpicked by joint French-Italian-Austrian agreement, which accepts "freely" the invasion of a rather small contingent of Entente-Droit "advisor-allies" ostensibly to shore up their defenses against the Reich, but also to guarantee the handpicked dictator stays in power in Prague. Similarly to the east, Italy has a free hand in Albania with French blessing and under some suspicious supervision of French and Austrian "allied" contingents, can bully Yugoslavia to her heart's content. To the east we have Hungary--a logical ally of the Entente-Droit in basic terms--reactionary, Catholic--but perhaps preferring for enemy of my neighbor is my friend reasons, alliance with Germany instead; Romania, which in this ATL has no liberal powers but Britain to ally with and will probably fall into Entente-Droit line, Bulgaria and Greece. To the north in the east are Poland, quite a good prospect for Entente-Droit membership, and the Baltic states, which probably will wind up falling more or less under Hitler's sway if their domestic elites have anything to say about it--if Hitler seems too weak to rely on, it's either persuade Sweden and Norway to team up to face up to Soviet and Nazi power, or apply for Entente-Droit protection. Someone in this hopscotch is likely to be on the outs so their neighbors can profit at their expense. The options of anyone who does not want to ally with Entente-Droit is to ally with Hitler, with the Soviet Union, or reach desperately for British protection where that has any prayer of effectiveness.
The British I think would muddle through much as OTL--remaining liberal-democratic under Parliament, which would have little reason not to be dominated by the Tories as OTL. Being Tories, I believe the British will not be too tempted to be more reactionary domestically than OTL--considering the demoralizing effect of the Continent going right wing authoritarian, one might think that tips the balance in an illiberal direction in Britain too, but on the other hand the British Left is going to be feeling definitely backed into a corner. I suspect that Britain's balance of power is grossly and overall as OTL, but with more touchiness and tension as not only leftists but even moderate liberals worry about when the conservatives might go full on fascist, but get feisty about it at political rallies and so forth.
With an overall Tory majority in Parliament and no realistic alternatives, Britain will in fact cooperate with the Entente-Droit. The notion of allying with the Nazis instead might seem less completely insane far fetched, in view of there being little difference between the German fascists and the various flavors of brownish right wing regimes opposed to Germany mainly along "Versailles" lines--France is motivated to keep Germany from becoming too powerful--albeit checked a bit relative to OTL by having fewer qualms about the character of Third Reich governance and an intensified hostility to the Soviet Union. But in fact, unless the Entente-Droit contemplates taking on Hitler as a full first rank power in that alliance and using German potentials to the fullest against the Soviets, Germany is more a subtraction than addition of ED power against the Red Menace, and it is likely ED members who border directly on the Soviet giant.
I am not sure that out of this grim scenario, any division between the Third Reich and the rest of the right wing regimes of continental Europe even exists logically; the most likely thing is that they decide Hitler is not so bad, let him in, and he pretty much takes over, hamstrings those in France, Italy and weaker nations who would oppose him on nationalistic grounds, with the cooperation of local allies doubles down on the overall repression of people opposing him on deeper principles, and captures his maximum end of 1940 conquests of OTL without firing a shot.
But the OP specifies an Alliance equivalent to the OTL pre Fall of France allies plus Italy ranged against Hitler. So we can almost as well suppose the French in particular, and other neighbors such as Poland and sockpuppeted Czechoslovakia, all are much too nervous about Hitler's irredentism and German supremacism to consider relaxing around him and jealously try to maintain Versailles restrictions, anti-Red Crusade be damned.
The reason Hitler would not be utterly bonkers to contemplate fighting this massive, far flung alliance of apparently all of Europe against him is that actually, to exist I have to assume a pretty repressed domestic order in each case. And some members of Entente-Droit are queasy in a pro-Nazi, or anyway pro pan-German Reich, sort of way, such as Austria, and others like Hungary and various Balkan and Baltic states showed a propensity to ally with him OTL. France in particular is a pressure cooker, huge numbers of her citizens resentful of the pretensions and high handedness and bad decisions of the right wing leadership.
I assume that while none of these right wing powers honor liberal norms of political freedom, all are somewhat squeamish, versus going full on Nazi, about excesses in repressing their discontented sectors. They can and will execute, or imprison, in jails or work camps, people who do actively do anything subversive and get caught at it, but they will not systematically take the plunge toward preemptive repression as a way of life the way the Nazis do. Some will do this, but it will not spread as a norm for the whole bloc. And neither France nor Italy will go quite totalitarian, Italy not more than OTL before the war anyway. Of course wartime hardships, and particularly mass mutiny or risings, might change this equation fast. For as long as the Entente Droit is in an apparently comfortable position though, its leadership takes some pride that they are not in fact Nazis and in certain steps they will not take (though specific allies might--but that is a bit deplorable!)
So, there is the setup--an ATL where Hitler manages to seize power and start a military buildup of Germany, but is hemmed in a Franco-Italian led right wing bloc which Britain is loosely allied to as well. On paper the Reich appears to be in a hopeless position, but it will happen that when open war finally does break out, despite some major liabilities versus OTL, the German forces will have a solidity that it turns out key vital sectors of the Entente-Droit containment of the Reich lack; Hitler will exploit various fissioning tendencies and send shock waves through the ED, which will feed into some factions wanting to switch sides to join Hitler and others being demoralized and defeatist. We can balance that against rallying on nationalistic or other grounds, consider how the options of either side of the split of the right wing camps for Soviet alliance versus judging themselves strong enough to launch the anti-Soviet crusade at last might interact. While there will be dissidents, I assume that British policy remains considering the Reich the major potential continental hegemon to be contained, despite the paper supremacy of France, and therefore as long as any continental bloc stands against Hitler, the British will be on that side.
What is this Spanish Civil War some speak of? It won't happen in this ATL--a right wing coup against the leftward drifting elements in the Spanish Republic, quite possibly involving a restoration of the Spanish monarchy, will be perceived historically not as a "Civil War" but as another rightward tide against the left, and however drawn or massive the recognized Spanish government's repressions are, no major power will be allowed to take the side of the leftists, who OTL were the Loyalists to the previous liberal constitutional government. Spain shall not be a laboratory of French and Soviet military tech against Italian and German--indeed the Soviets might manage to infiltrate some volunteers, but not the sorts of level of support they gave OTL. OTL the French government backed the Loyalists; here they will back the other side, and all resistance will come from Spanish peoples of various ethnic identities fighting in sheer desperation with no long term hope.
I got a lot more elaborate in describing this right veering alternative which for me at any rate is a bloody nightmare, and did not yet get to the other shoe dropping of a quite different basis of a Franco-Italian alliance. Best I put that in another post then.