They sought to construct a stable European house, knowing full well that tremors in individual member states might shake the structural soundness of the entire building. Why was the draft made back then unable to prevent the crisis we are experiencing today?
2  BIS central bankers’ speeches  First, it should be noted that although one key point – the risk of macroeconomic imbalances – was indeed recognised by the Delors Committee, consideration was not made for it to be incorporated into the final Maastricht framework.