Priewe, Jan - In: European Journal of Economics and Economic Policies: … 17 (2020) 2, pp. 111-126
The origins of the reference values for budget deficits and public debt (3 and 60 per cent of GDP) in the euro area are explored. Both numbers came into the Maastricht Treaty by coincidence. Later attempts to legitimise them are traced and found unconvincing. In particular the debt cap is...