With the Dow trading over 10,700 again, the crisis of 2008 is growing long of tooth. Investors are growing short of memory. And many hedgies, who shuttered their funds due to performance, are making a comeback.
The E.U. has the power to levy fines on member nations who don't get their budget deficits in order. There is no absolute mandate, however, and given historical behavior I doubt we'll see any enforcement -- just talk.