But what about the day after?

«France and Germany have reached a “comprehensive” agreement on new fiscal rules for the beleaguered eurozone, as a package of measures designed to save the single currency begins to take shape.

The proposals, which include a commitment not to force private sector bondholders to take losses on any future eurozone bail-outs, were announced by Angela Merkel, German chancellor, and Nicolas Sarkozy, French president, in Paris on Monday. Together with tough budgetary measures drawn up by Mario Monti’s new Italian government, they will form part of the “fiscal compact” demanded by the European Central Bank to enforce budgetary discipline in the single currency region.» (Financial Times)

Muito bem. Suponhamos que as propostas franco-alemãs são aceites pelos restantes estados membros. Mas e depois. O que é que acontece? Como é que se resolve o problema da ausência de crescimento económico sem o qual é impossível que os PIIGS paguem o que devem...