Franco-British Union

I used the thread search and didn't find this.
What if, during the Suez crisis, France and the UK formed a union with common citizenship and head of state, like this http://en.wikipedia.org/wiki/Franco-British_Union#Suez_Crisis_.281956.29
What would the repercussions be, how would the US and USSR react, and what would happen to the EEC?
Considering that the same article says
When the Mollet proposal was first made public in the United Kingdom on 15 January 2007 through an article by Mike Thomson published on the BBC News website,[5] it received rather satirical treatment in the media of both countries, including the name, coined by the BBC, of Frangleterre (merging "France" with Angleterre, which is the French word for "England"). The UK broadcaster stated that Mollet's proposal originated from newly declassified material, arguing no such archive documents exist in France.
On 16 January 2007 during a LCP television programme French journalist Christine Clerc asked former French Interior Minister Charles Pasqua (Gaullist) about Mollet's 1956 proposal. Pasqua answered, "if his demand had been made official, Mollet would have been brought to trial for high treason".[6]

Could France have joined the Commonwealth? Sure. Could some sort of working together happen? Sure. Could it lead to an alt-EEC on a French-British access? Possibly. Would they have formed any sort of unitary nation? no way.

Sorry.
 

Cook

Banned
Was this a revival of the union proposed in 1940? It just seems completely out of the blue otherwise.
 
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