The ECB voiced its “grave concerns” at the time. I  1  4  Economic Governance in the EU, Standard Eurobarometer survey 74 (published 12 January 2011). BIS central bankers’ speeches  now see that many acknowledge that the weakening of the Pact was a serious misjudgement. But the crisis has given us an opportunity.
It has made plain the flaws in the Pact that allowed countries’ fiscal policies to become a problem, not just for themselves, but for everyone else within the monetary union. We now have an obligation to fix the flaws.