In view of past experience with fiscal rules, in particular, I strongly believe that the euro area can only be maintained as a stability union in the long run if its framework sufficiently embodies a key principle of regulatory policy: the principle of liability.
6  BIS central bankers’ speeches  In the context of public finances, this means that those who make decisions on spending must also take responsibility for them. In other words, there must be a balance between control and liability. In principle, the Maastricht framework assigned both liability and control to national governments.