The NYT Lectures France on How to Restore Its Aaa Rating

Arguably the main reason that France and the rest of the euro zone countries are facing recession and debt downgrades is the failure of the European Central Bank (ECB) to act as a lender of last resort and promise to back up the debt of its member states. This failure, coupled with its obsession to curb inflation even at the expense of growth, would seem to be the main source of the euro zone's economic problems at the moment.

However the NYT sees it otherwise. In an article on Standard ...