If a country violates the pre-defined deficit limit, it will, unlike in the past, be automatically punished; it will be much more difficult to avoid sanctions. That, too, is an improvement. And – depending on the design and implementation – this could represent a major step towards a “Maastricht Plus” model.
However, it is only a small step towards deeper European integration – I will come back to this point shortly. By no means, however, is this a fiscal union in the narrow sense of the term. The important thing now, naturally, is not to allow the agreements made to be watered down – either in the specific arrangements or their subsequent application.