February 3, 2011
Angela Merkel and Nicolas Sarkozy had it easy last week, preaching unlimited commitment to the euro to the assembled worthies of Davos, a crowd only too happy to be reassured that governments wouldn't unleash another wave of instability on a still-unbalanced world.
Whatever Europe's route out of the crisis, it will be a lot more straightforward if France and Germany are working toward the same ends, and to hear the leaders give essentially the same speech in their respective languages was a decided reassurance.
But it also seems fair now to speak of a common purpose among the policy makers. All seem to understand that a Grand Bargain can and must be struck by the end of March that, even if it won't resolve all the internal contradictions of Europe's institutional framework, will banish any reasonable doubt of the euro zone's willingness and ability to avoid a disorderly default in the government debt market.
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