These rules bolster the principle of individual national ownership of fiscal policy upon which the Maastricht Treaty is founded.
Walter Eucken, founder of the Freiburg school and a pioneer of the social market economy, condensed this liability principle, as it is known, into a simple formula: “Whoever reaps the benefits must also bear the liability.” And what goes for the economy goes for countries as well: decisions will only ever be taken responsibly if those who decide also bear responsibility for the consequences of their actions.