Maastricht: Monetary Constitution Without a Fiscal Constitution?

Are the fiscal criteria of the Maastricht Treaty necessary for a common currency? Are they effective in their current form? Should the fiscal criteria be strengthened or replaced by national debt limitation rules? Does an EMU need more or less co-ordination, or even harmonisation of expenditure programmes and tax regulations? Who are the likely winners and losers of a common currency, and which are the current instruments of regional and structural policy sufficient to support the adjustment process? Is the principle of subsidiarity sufficient to allow for a federalistic distribution of fiscal competences, or does the EU need an explicit fiscal constitution?
These and further important issues for the economic and political success of EMU are addressed and controversially discussed in papers and comments by high-level experts from academia and policy making, from the USA and Europe, from the EU Commission and the Bundesbank.