In the case of Monetary Union the Treaty contains at least two provisions that do not make it possible to take the next step towards fiscal union without a further change to the Treaty itself.
It has been argued that efficient financial systems promote innovations; hence, better finance leads to faster growth (Schumpeter, 1969). This argument has been countered by assertions that the causality is reversed; economies with good growth prospects develop institutions to provide the funds necessary to support those good prospects (Robinson, 1952). In other words, the economy leads and finance follows.