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The purpose of this Agreement, adopted in accordance with Article 295 of the Treaty on the Functioning of the European Union (TFEU), is to implement budgetary discipline and improve the functioning of the annual budgetary procedure and cooperation between the institutions on budgetary matters as well as to ensure sound financial management.
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And his proposals to give the European Commission far-reaching powers to enforce budgetary discipline have been likened by skeptics in Britain to an invasive new "super state".
We all know Congress is polarized and often doesn't make deadlines for implementing budgetary measures.
This will weaken efforts to enforce tough budgetary discipline in the zone.
The pledge to enforce more budgetary discipline may increase the risk of recession: the fiscal pact is an austerity pact that will prove deflationary, argue critics.
In 1997 the EU agreed to a further measure to enforce fiscal and budgetary discipline inside the euro zone.
The concept of a multiannual financial perspective was developed as an attempt to lessen conflict, enhance budgetary discipline and improve implementation through better planning.
Jens Weidmann, Bundesbank president, told the Frankfurter Allgemeine Sonntagszeitung that the new rules on budgetary discipline could not be watered down during their implementation.
BUDGETARY discipline comes hard to governments.
Nor will their fragmented democracies yield enough budgetary discipline.
Fiscal expansion is similarly blocked by Germany's unyielding insistence on strict budgetary discipline.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com