When it comes to encouraging fiscal discipline, euro-area policymakers want the market to be part of the solution. This will not succeed until they make peace with the idea that, while it is their job to set conditions and incentives, it is not their job to dictate prices and spreads. Within the environment that policy creates, market discipline is something the market does to itself, not something a government imposes when it disapproves of national choices. Governments need to get used to market-set prices as a source of strength and information, not just a source of risk. […]