Weidmann says Maastricht rules must be strengthened
The Maastricht treaty stipulated that governments can't have deficits exceeding 3% of GDP. The problem is/was there is no punishment for flouting it. Many European countries had deficits far larger in the crisis and continue to do so. Even Germany has violated it.
Weidmann says an 'independent' institution overseeing the rules would help with implementation.
There is a major element of tone deafness here. UK voters just rejected centralized, undemocratic institutions and Weidmann is talking about fresh ones that can dictate government spending.
Meanwhile, unemployment is rampant on the Eurozone periphery is rampant and the only solution Germany offers is: "Be more German".
