Nobody failed to see the irony that it was Germany which, in the late 1990s, had insisted on a rigid stability pact as its price for accepting the euro.

ECONOMIST: Europe's fiscal follies

It falls to him to say that in the current tepid economy, France simply can't afford to cut taxes (even though they are among the highest in the world), build up its military and still reduce its deficit by 0.5%, as the Eurozone's rigid stability pact requires it to do.

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There is thus a risk that price stability may make relative wages even more rigid.

ECONOMIST: Does your company really need an annual pay round?