Penalties, what penalties? Reinforcing penalties against member states infringing Stability Pact rules is a domestic EU issue that will therefore not be discussed by G8 and G20 world leaders at their summits this weekend. Germany wants strict penalties to come into force automatically, which makes sense from its point of view because Germany only agreed to give up its currency and join the euro on condition that the euro's stability would be guaranteed. Moreover, it sees budget stability as...