Please assist in helping me understand the EU bylaws and how it affects GDP, etc:

In 1991, the twelve original member countries of the European Union adopted the Maastricht Treaty, also known as The Treaty on European Union.The Treaty established the European Union; created the European Central Bank and the Euro; and established the rules for adopting the Euro, also known as the convergence criteria or Maastricht rules. One of the four convergence criteria required countries adopting the Euro to have "sound and sustainable public finances", defined as a government deficit that was not higher than 3% of GDP and government debt that was not higher than 60% of GDP

Part 1: What was the purpose of this criterion and how does it benefit the European Union as a whole? (Hint: think of the impact of lower deficits and public debt levels on the member countries' ability to borrow.)

Part 2: What are the advantages and disadvantages of such a rule? Specifically, how can this criterion constrain the behavior of politicians and how does it influence the ability to conduct fiscal policy in response to adverse economic shocks? When shocks take place, are they likely to impact all countries equally?

Part 3: Some economists have argued that the fixed deficit and debt limits, such as those stipulated by the Maastricht Treaty, must be replaced by flexible ones that are delegated to an independent "Public Debt Board" that can be put in charge of managing fiscal policy aggregates. The Debt Board can be fashioned after the model of the European Central Bank, which oversees the Union's monetary policy. Compare this alternative arrangement with the Maastricht Treaty rules and explain whether a Public Debt Board may be an improvement or not. Please explain your logic in detail