Last year, the French finance minister Michel Sapin declared that, “the Commission […] has absolutely no power to reject or knock down or censure a budget […]. Here as elsewhere, sovereignty belongs to the French parliament.” In a genuine fiscal union, that would change. A member state would have to follow through on the demands of a European fiscal authority.
What’s wrong with Modern Macroeconomics? Why its critics have missed the point. CESifo  Economic Studies, Vol. 56, 4, pp. 536–553. 16 Stiglitz, J. E. (2017). Where modern macroeconomics went wrong. NBER working paper 23795. See also the  discussion by Kenny and Morgan (2011) in the ECB Occasional Paper series. 17 Mokyr, J.