Heinemann, Friedrich - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 1994
Union (EMU), has changed the incentives for national debt. Even though it has been tried to keep member states responsible … of political discipline of the Treaty is provided with an effective sanction in the second stage of EMU, an equivalent … sanction in the third stage of EMU is missing, however. Therefore, there is the danger that debt incentives become powerful …