The idea that budget discipline should go hand-in-hand with economic stimulus did not ring true. Looking at the European summit after a gap of a few days, it failed to meet some expectations.
As predicted, the budget pact was signed by 25 member states; the date of 2 March 2012 will go down in the history of Europe as long as countries now ratify the pact and things go according to plan. But nobody was moved by the actual ceremony because it had all been decided in advance. One of the aims...