Eurozone The virtues of doing very little

Remember the Stability and Growth Pact? That agreement by EU governments to keep their deficits below 3% of GDP, through good times and bad? The one that was fudged almost out of existence in March 2005? Well, it seems to be coming back to life. The German government announced on Friday that it expects a deficit of 2% of GDP in 2006, making this the first year Germany has kept its promise since 2001. Next year should be even better, with the lowest deficit since reunification in 1990. France is...