Ignoring our problems leads only to crisis

The Commission’s decision to turn a blind eye to the deficits of Spain and Portugal does not bode well for the future. It may yet lead to another crisis and undermine our rules-based Union.

The European Commission still has another chance to decide. Are Spain and Portugal off the hook for their fiscal imbalances? This follows a move, earlier this year, to make similar exceptions for France.

It was the decision to not apply these rules from the beginning that sowed the seeds for th...