Myth and reality. I will step back from the chorus of set views expressed over the recent vicissitudes of the Stability Pact, which has been buffeted back and forth in recent weeks. The three European Commissioners who criticised the abrupt nature of the Pact (President Prodi, Pascal Lamy and Mario Monti) have always said it had to be respected, particularly the 3% rule, as it clear from reading their speeches rather than selecting quotes out of context. But the broad reactions of various...