Publication

This CEPS Commentary finds that the Fiscal Compact signed on 2 March 2012 by all member states of the EU (except the UK and the Czech Republic) may be long on good intentions but is rather short on substance. According to the authors, the main danger is that that it has been oversold and in no way constitutes a first step towards fiscal or political union. It is likely that the ratification process and then the implementation process in some difficult countries will receive a lot of attention and create a distorted impression of the importance of the Fiscal Compact.