Over the last decade, we have watched as the Stability and Growth Pact (in which EU countries pledge to keep their public debts and deficits low) has dissipated in a mist of permissiveness. Recently, it almost looked as if the EU had finally come to understand that, given a lack of will, no pact – however commendable its purpose – can ensure sound fiscal policies.
与此同时，某个风险极大的协调一致性措施也正在另一个领域酝酿：宏观经济表现。在过去十年，我们已经见证了《稳定与增长公约》（在公约中欧盟各国宣誓保持较低的公共债务和财政赤字水平）在过度宽松的财政政策下名存实亡。而就在最近，似乎欧盟也最终意识到（因为他们似乎无意推动）没有任何一个公约——无论其出发点是多么值得称赞——都不能保证能各国一定会出台良好的财政政策。