In the Regulation itself,22 the reason given for the change-over to country-specific budgetary targets is the “economic and budgetary heterogeneity” of the member states.
In Proceedings – Economic Policy  Symposium – Jackson Hole, 361–434. Jackson Hole, Wyoming: Federal Reserve Bank of Kansas City; M. Eichenbaum (2018), Talk at G7 Meeting on Unconventional Fiscal Policy (presented at Montebello, Quebec); S. S. Poloz, “The Doug Purvis Memorial Lecture— Monetary/Fiscal Policy Mix and Financial Stability: The Medium Term Is Still the Message,” Bank of Canada Staff Discussion Paper No.