To sum up a long reflection. The European Commission's communication on the application of the Stability and Growth Pact is a positive one, from several points of view.
Its guidelines (which are not formal proposals for the time being) imply progress on the EMU's Achilles heel, which we well know: weak economic governance at European level, and lack of coherence between national economic policies. The second advantage of the Commission's document is that it takes account of the long,...