Let us try, as far as possible, to take a more serene look at the ups and downs of the Stability Pact and its application by ignoring the sometimes excessive and unpleasant polemic which, especially in Italy, has accompanied the latest European Commission initiatives in this connection (see our bulletin of 8 April, pages 8 and on). It is obvious that the current Commission must apply the texts in force, especially when it comes to budgetary deficit, texts that have been defined by the...