Against the commonly accepted view that in the run-up to EMU the Maastricht fiscal restraints were quite effective in re-aligning public finances in Member States that were showing large excessive deficits, Strauch and von Hagen stress that there are some objections concerning this initial sign...

Fisher points out that while the Excessive Deficit Procedure and the Stability and Growth Pact introduce a framework of numerical rules and surveillance procedures to be conducted at the supranational EU level, it is up to each Member State to ensure the necessary conditions allowing the...