But what would have to change for the monetary union’s regulatory framework to function better than it has done in the past? As long ago the 17th century, Blaise Pascal, the French mathematician, physicist, inventor, writer and theologian, noted that all good intentions already exist in the world, they only have to be applied.
In my opinion, the same thing could also be said about the fiscal rules in the euro area. They have been around for a long time; now they also have to be applied consistently. The latest reform of the Stability and Growth Pact had the aim of strengthening the binding force of the rules on debt.