Since 1997, the deficit ratio has been declining as a result of increased consolidation efforts. However, the fiscal framework at the beginning of the new century cannot at all be described as optimal in macroeconomic terms. Nevertheless, the decisions taken since summer 1999 give rise to the hope that important changes in the economy as a whole will also be supported by fiscal policy.
In principle, there are two ways: first, by creating a genuine fiscal union, or second, by making the principle of individual responsibility work. The first option, a genuine fiscal union, would require the member states to relinquish their fiscal sovereignty and cede it to the European level. In such a setting, the mutualisation of future liabilities would be consistent.