Euro pact still inadequate

The fiscal pact with automatic sanctions on which all EU countries with the exception of the UK have agreed is insufficient and comes too late, writes François Heisbourg, expert for strategy and security policy, in the left-liberal daily Libération: "As usual our countries continue to act as if half-measures will gain us time, even though time is against the euro. The measures resolved on December 9 do not provide an adequate springboard to prepare for what must come next. The ECB's current policy would have provided oxygen if it had been applied two years ago, at the start of what wasn't yet the Greek crisis. The announcement of a new treaty during the 'decisive' meetings in autumn 2010 and spring 2011 might possibly have calmed things for enough time to introduce thoroughgoing reforms. ... General MacArthur said that the cause of lost wars could be summed up in four words: too little too late."

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