From here: European Authorities’ Policy Constraints Are Hampering French Economic Growth and Employment, New CEPR Report Finds Excerpt: The chicken or the egg, which came first? (Ask Angela!) Some EU-states, after the adoption of the Euro, failed to bring their national accounts in-line with their capacity to develop revenues. So, they borrowed heavily and at high interest-rates to balance their books. That "bird" has come home to roost. The countries in question - nominally in southern-Europe - are only starting to rebuild Consumer Demand. And since most tax-revenue comes out of Value Added Tax (goods/services sales) receipts are increasing - but not yet significantly enough. And yet, it is only by Stimulus Spending can GDP-growth (and new jobs) accelerate significantly ...
France has broken the treaty before, it will break it again. They complain when others do it, but were the first in EU to do it themselves. They set the example for others to follow. Next was Germany. The trouble with the EU in this regard is some countries are too big to fail and others are not.