Hence countries would have to accept that sharing a common market and a single currency area imposed policy constraints.” See Committee for the Study of Economic and Monetary Union (1989), Report on economic and monetary union in the European Community, p 20. BIS central bankers’ speeches  7
Here, the Commission has a special responsibility. Metaphorically speaking, we need to make sure that the Commission does not go beyond its role as a referee and move the goalposts mid-game. In this regard, some doubts are warranted, as is evident from the recent debate surrounding a flexible interpretation of the Stability and Growth Pact.