Agreement on a fiscal pact that brings deeper economic integration by making budget discipline legally binding and enforceable by European authorities is a welcome move, so long as the European Central Bank takes the next move: to become a lender of last resort.

Finally, Italy has a chance to get out of the impasse, and the morass, that it has been in under Berlusconi.

There is a French sign at all railway stations: Caution—one train hides another. The problem for the Eurozone is that even if the action this Wednesday resolves the sovereign debt crisis, there will still be the competitiveness crisis.

As the eurozone crisis rolls on, with world finance ministers urging swift action, eurozone countries seemingly dither. But there may be method behind the madness.