“Competitiveness pact” project is now a reality. If I were asked ultimately to sum up the importance of last Friday's European Council, my answer would be quite clear: the birth of EU economic governance or at least governance of the eurozone. I am obviously aware of some of the divisions that still remain: the rejection of certain aspects contained within the Merkel-Sarkozy project and negotiations required to define the contents and operational modalities for this project.
The...