Its details are to be set down in legal texts during the next few weeks. What will be absolutely crucial at this juncture is for the requirements laid down in Dublin to be spelled out in precise terms. Failing this, there might easily be unnecessary conflict later on.
And, of course, at a later date it will be necessary to apply those provisions consistently if excessive budget deficits are incurred. IV EMU being able to build on sufficient convergence in economic performance as well as on sufficient convergence in the thinking of all the participating countries, would undoubtedly open up major opportunities for Europe.