Bruno Le Maire, the French under-secretary of state for European affairs, made things crystal clear ten days ago when he announced that France and Germany had agreed to closely coordinate their economic policies and lay the foundations of an EU industrial policy. I am not aware of any subsequent fudges or 'watering downs' of this statement. This is a significant development because it means the famous second leg of Economic and Monetary Union is taking shape. In Jacques Delors' words, EMU is...