In what may likely be the most ambitious proposal, Mr. Sarkozy and Mrs. Merkel outlined a plan for each of the euro zone governments to enact legislation that would constitutionally bind their governments to balancing their budgets. This “golden rule” would be expected to be enshrined in the constitutions of all euro members by the middle of next year, the leaders said.
Ah yes, that's what has been missing from EU negotiations, a balanced budget amendment. Nothing says pick you up by your bootstraps like a little legally binding spending limits. I truly hope this is a political ploy meant to calm down German and French voters fear of a "transfer union". If this is what European leaders really think constitutes coordinated fiscal policy, then we've got a longer road ahead than previously thought.