Profligate members were supposed to be forced by the Stability and Growth Pact, as well as by their peers, to live within their means and thus strengthen their competiveness. Instead, Germany’s former social-democratic government weakened the pact when doing so was politically convenient, while less competitive eurozone members allowed wages to rise and the public sector to become bloated, and then looked away as easy credit fueled both debt and asset bubbles.
欧洲货币联盟的成立目的是促进结构性改革。那些肆意挥霍的成员国将在《稳定与增长公约》以及其他国家的压力下实现收支平衡并随之提升自身的竞争力。事实上，德国前社会民主党政府削弱《公约》来实施这一点的做法是合适的政治举措，而那些竞争力更低的欧元区国家则坐视工资上升和公共部门膨胀，接着在扩大信用则助长了债务和资产泡沫后则不敢正视问题。