- April 3, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Concerns over Government Debt in the Maastricht Contract
Hello,
I am intrigued by a hypothetical question regarding the Maastricht contract that sets rules for countries joining or being part of the EU. One of the stipulations is that government debt should be below 60%. However, as per the data from 2017, most countries exceed this limit. For example, Germany’s debt stands at 64.5%, France at 98.4%, Austria at 78.2%, Portugal at 124.8%, and Ireland at 68.5%. These figures clearly breach the 60% threshold set by the contract.
With such significant violations of the Maastricht contract, the question arises: Why is there a lack of attention or enforcement around this issue? Is it a matter of detail or a serious breach of the pacta sunt servanda principle? What measures can be taken to ensure compliance with the contract?
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Thank you in advance for your insights and consideration.
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Your question includes a reference to Ireland, which has its own legal advice subreddit. You may wish to consider posting your question to /r/LegalAdviceIreland as well, though this may not be required.
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Your question includes a reference to Germany, which has its own legal advice subreddit. You may wish to consider posting your question to /r/LegalAdviceGerman as well, though this may not be required.
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Your question includes a reference to Austrian, which has its own legal advice subreddit. You may wish to consider posting your question to /r/LegalAdviceGerman as well, though this may not be required.
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Your question includes a reference to France, which has its own legal advice subreddit. You may wish to consider posting your question to /r/ConseilJuridique as well, though this may not be required.
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The Maastricht treaty does set these limits, but it doesn’t specify what should happen other than the Commission needs to prepare a report for the Council. The Council *can*, but doesn’t have to, impose penalties. The procedure and possible penalties are listed in article 104(c).
The short answer is that nobody cares because it’s not that bad most of the time. In fact, I think it’s fair to say that the criteria, if followed to the letter, would be actively harmful. This is more economics than law, but one major reason the EU hasn’t grown as much as the US in the wake of the 2008 crash was an unwillingness to use government debt as a mechanism for growth. And you can imagine how things would look if countries were unable to spend their way out of the pandemic.