Publication

This commentary argues that the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (i.e., the "Fiscal Compact") is rightfully controversial. It adds little to the EU’s crisis-management toolkit, especially when compared to the potential utility of EU law. That is why the debate surrounding its ratification by a new French Parliament is important. It will help Poland and other "pre-ins" (i.e., member states committed to joining the Eurozone) to determine whether the new Socialist government in Paris will pursue intergovernmental forms of fiscal cooperation rather than EU-centric ones.