by Paul Hannon
Wall Street Journal
February 15, 2011
Experience has taught us not to take the labels the European Union chooses to place on its many and various "pacts" at face value.
The Stability and Growth Pact was cooked up in 1996 and singularly failed to meet either of its two goals. Patently, the euro zone has neither been stable nor characterized by strong growth.
So it is with the new Competitiveness Pact, which German Chancellor Angela Merkel and French President Nicolas Sarkozy are trying to foist on their counterparts in the rest of the euro zone, so far without much success.
Few of the measures being proposed under the pact are likely to make the euro zone's members more competitive, either within the currency area or relative to other economies in the rest of the world.
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