The pact is not a curse but a blessing. And on a personal note, I would like to add that the very constituting principle of all democracies is the rule of law. It means that government in all its actions is bound by rules fixed and announced beforehand. The rule of law lays down the primacy of law over policy.
Governments which do not uphold this principle offend against the fundamentals of modern societies and risk a substantial loss of confidence. This holds true for Argentina’s arrears to the IMF and for attempts of EU-Countries to not comply with the spirit and letter of the EC-Treaty and the Stability and Growth Pact.