The media are applauding France and Germany's joint call Monday for a renegotiation of Europe's financial treaties, but Financial Times columnist Wolfgang Münchau, who has been critical of European leaders, insists they are still in fairy land. "Unfortunately, reconciliation will not solve the problem. What the euro zone needs most urgently is a strategy to address the immediate financial crisis." But Merkel just wants an "austerity club," and Sarkozy wants the same intergovernmental strategy that has already failed. They've reached an agreement, but it's still only a pretend solution.
