Protecting private investors stabilises euro

The European Court of Justice will in future be able to monitor compliance with the Stability and Growth Pact, and there will be no more debt restructuring like that in Greece. This is an important step toward a full euro bailout, writes the liberal business paper Les Echos: "It's no secret that Europe is world champion at inventing rules and even better at breaking them. The economy cannot be regulated by an agreement or a decision by the European Court of Justice, let alone the political reality. The key factor lies elsewhere: the two largest countries of the Eurozone have decided that the devastating experience of the Greek debt restructuring should not be repeated. That sounds like a technical detail but it is an improvement that fundamentally changes the lay of the land. We want to be a little optimistic for a change: this is a plan with the potential to save the euro. This first step agreed on yesterday is decisive: never again will the private sector be forced to participate in restructuring public debt in the Eurozone."

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