Tomorrow we will read the details of the German plan for an "economic government" of the euro area. Most likely the plan will list a set of proposals such as rigorous competitiveness measures and strict fiscal deficit limits (zero for the structural deficit). Germany's preferred approach to the euro governance are rules, but the term "economic government" appeared in the German press. This new term is probably there to convince the French (who are certainly not happy of their trade balance evolution in the past 6-7 years). Anyway let's wait tomorrow and read what they have decided .