The euro was supposed to become comparable to the Dutch guilder or the German mark; not like the Italian lire or the Greek drachma. In order to realize this goal, the common currency was built on two pillars: The European Central Bank (ECB) was designed to function as an independent central bank, modeled after the German Bundesbank. Furthermore, the Stability and Growth Pact imposed sound fiscal policies on all euro area countries. The latter was sorely needed given that, through the euro, French or Italian problems would become our mutual problem.

Budgetary Rules?

The First Pillar Has Been Taken Down

New Economic Model


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