In short, the premise of Economic and Monetary Union is a clear allocation of responsibilities among policy makers; a commitment of both monetary and fiscal authorities to keep their own houses in order; and a set of safeguards to ensure that all parties abide by the rules.
Any analysis of monetary and fiscal policy in the euro area – not just in normal times but also in crisis times – should take into account the fact that euro area macroeconomic policy should be guided by these basic principles; because they are the principles on which the EMU contract was signed.