The “fiscal compact” is real. It has been awaited for years. But now, after being long invoked and called for, it finally brings economic discipline to economic and monetary union (EMU). The text of the fiscal compact is sufficiently detailed and thorough to give us hope that it will work effectively. Official approval will be given in March, and it is expected the number of ratifications needed for it to take effect should be quite rapidly reached. EMU will thus have rules binding...