From Otmar Issing, former chief economist of the ECB, in the Financial Times (January 11, 2011):
My comment: the euro itself provides incentives for national governments to run large deficits. Both because the common monetary policy cannot fit adequately diverse national stabilization needs (thus pushing governments toward the use of fiscal policy), and because the suppression of intra European exchanges rates eliminates exchange risk premiums and thus reduces the cost of borrowing.
It is thus quite unlikely that these governments would consent to eliminate the only macroeconomic policy instrument still at their disposal by adopting a strict new version of the defunct stability pact.
But the German policy makers can’t have it both ways. They are caught on the horns of a dilemma. That's why they procrastinate.