Is Europe making progress on the road to “economic governance”? For the first time in many years, the answer may be a positive one: a halting, tentative “yes”, but a “yes” all the same. The imbalance within the economic and monetary union (EMU), which Jacques Delors has spoken out against from the word go, between the monetary leg, represented by the European Central Bank (ECB) with its clearly-defined powers, and the atrophied, limping economic leg, has started to right itself....