Further step in the euro balancing act

France and Germany are entirely right to press for a reform of the EU treaties ahead of the EU summit on Thursday and Friday, writes the conservative daily Die Welt: "We often hear that the markets have lost their trust in some euro governments. Far more serious however is the loss of trust between European governments. The donor countries simply no longer believe the promises they receive from Athens and Rome. That is why the chancellor can do nothing other than demand water-tight conditions or use the market as a lever. ... And so the new German-French proposals for changes to the EU Treaty are a further step in the euro balancing act. If it is inevitable that the euro countries will have to close fiscal ranks, at least the donors should receive guarantees that the problem countries won't revert to their irresponsible policies."

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