The plans for a fiscal compact have evolved rapidly in recent months, shifting from a politically unpopular “transfer union” to a dangerous plan for fiscal austerity and, finally, to a modified version of the defunct Stability and Growth Pact of 1997. In the end, the agreement that will emerge later this year will do little, if anything, to change economic conditions in Europe.
财政契约计划在最近几个月来进展神速，从政治上不受欢迎的“转移联盟”演变为危险的财政紧缩计划，最终将成为名存实亡的1997年增长与稳定公约修订版。看吧，今年晚些时候出台的协定根本无法改变欧洲的经济形势。