The caution of the Ecofin Council. To say that this week's Economic/Financial Council seemed a bit cautious at the announcement of a European Commission document on how the Stability Pact works it a euphemism. The Ministers made it clear that they're not interested in a Commission initiative, or at least not just now. However, they have frequently complained about the Pact, and several of them have at different times suggested or recommended changes. This gives the impression that the...