Fiscal Policy and Monetary Union: Is There a Tradeoff between Federalism and Budgetary Restrictions?

The Maastricht Treaty on Europe Union features an Excessive Deficit Procedure limiting the freedom to borrow of governments participating in the European monetary union. One justification is to prevent states from over- borrowing and demanding a bailout which could divert the European Central Bank

《马斯特里赫特欧盟条约》（Maastricht Treaty on Europe Union）设有过度赤字程序（Excessive Deficit Procedure），对加入欧洲货币联盟的成员国政府的借贷自由予以限制。该条约设置该程序的一项正当性理由，在于防范成员国过度举债并申请纾困，进而可能导致欧洲中央银行（European Central Bank）的资源被挪用。