But the worst defect in the design of the EMU, we argued, was that it was uniting Europe's currencies but leaving its fiscal policies completely uncoordinated. There were, to be sure, "convergence criteria," which specified that a country could join only if its deficit was less than 3 percent of gross domestic product and its public debt was was less than 60 percent. But even when these were turned into a permanent set of fiscal rules in the Stability and Growth Pact, there was no obvious way they could be enforced.
1. Does "it" mean "EMU"?
2. Does "its" mean "EMU's"
3. Does "these" mean "convergence criteria"?
4. Does "they" mean "a permanent set of fiscal rules"?
Thank you.
Tinanam
Top answer
1. yes 2. no 3.
— CalifJim
1.
yes 2.
no 3.
yes 4.
yes But the worst defect in the design of the EMU , we argued, was that it was uniting Europe 's currencies but leaving its fiscal policies completely uncoordinated.
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