In January 2013, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (TSCG), also referred to as the Fiscal Stability Treaty, came into effect in the European Union. According to this treaty, the budgets of the nation states have to be in balance or in surplus, otherwise certain automatic correction mechanisms come into force. For countries with debt over 60 percent of GDP, the treaty outlines the ratio by which their debt has to decrease annually. Why do you think this treaty was adopted and why do you think that expansionary fiscal policies were not pursued rather?