Don’t throw out the baby

Nicolas Sarkozy is right that Europeans need to coordinate their response to the financial mess. The French president wants to convene a summit of European bigwigs in Paris on October 4, to adopt a common approach to the banking crisis that is now hitting home. But he should make sure that his good intentions aren’t drowned in bad ideas. The spectacular and media-friendly suggestion of a common, “Paulson-like” fund is one of the bad ones. It would be a misnomer: the fund wouldn’t be dedicated to...