Deal done, but what it means to be decided

For months, the Germans have said Europe needs a new treaty. But they sounded like people in a burning house talking about installing a sprinkler system.

Both EU treaties and the German constitution forbids doing what everyone said was necessary: Share the debt of the richest and poorest countries to make it affordable for everyone.

Austerity was the only game in town, but everyone knew it was not working. As the new legislation subjected national budgets to EU recommendations, the French began to balk.