The euro area faces a major investment shortfall, with real capital expenditures being almost 20% lower than their pre-crisis level, and as much as over 50% lower in some euro area countries. Bridging the investment gap is a priority to secure our economic future.
In light of this, to some extent it would be tempting to say that, as far as fiscal policy is concerned, the Treaty and the Stability and Growth Pact were simply ignored; an  BIS Review 23/2010  5  inconvenient obstacle that was brushed aside. But for at least four reasons, I think such a critical view would be too simplistic and inappropriate.