If this is the essence of the fiscal compact that is eventually agreed, it will have no predictable effect on eurozone countries’ behavior. Its only effect will be to allow the eurozone’s political leaders to claim that they have created a fiscal union, and thus that they have moved Europe closer to the political union that is their ultimate goal.
如果这正是最终通过的财政契约的核心，那么该契约将不会对欧元区国家行为产生可预测的效果。其唯一的效果将是欧元区政治领导人可以宣称财政联盟已经建成，欧洲距离迈向终极目标——政治联盟又近了一步。