The objective of the SGP was for strict fiscal discipline to be maintained and enforced in the process of European Monetary Union (EMU).

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In the next years, if the European Union manages to think out of the box and to adopt original measures to reinforce the governance of the eurozone, such as the undergoing banking union and the announced fiscal and political unions, the original misconceptions of the European Monetary Union (EMU) will be fixed.

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Will European Economic and Monetary Union (EMU) still exist?

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Yet by the time a 1991 European summit was held in the Dutch city of Maastricht, a plan for economic and monetary union (EMU) was written into a new EU treaty, to be ratified by member states later.

ECONOMIST: Holding together