A coarse instrument? The Stability Pact's situation is not a comfortable one. It is essential both for the EU economic and monetary stability and to ensure international confidence in the euro; but at the same time the opinion that it is an imperfect instrument that can and has to be improved is gaining ground within the Institutions themselves. European Commissioner Pascal Lamy declared this week (interview in "Il Sole - 24 Ore" - with Adriana Cerretelli) that is was a "coarse" instrument....