http://www.bbc.co.uk/news/world-europe-16761087
TempestThere was, from the beginning, a way for the EU to police the economies of member states by following the rules that had been laid down for the single currency in the Maastricht Treaty.
It was called the Stability and Growth Pact, and it was not Italy or Greece that torpedoed it - it was Germany.
In 2003, France and Germany had both overspent, and their budget deficits had exceeded the 3% of GDP limit to which they were legally bound.
The Commission - then led by the former Italian Prime Minister Romano Prodi - had the power to fine them.
But the finance ministers of what was then the 15 eurozone member countries gathered in Brussels and voted the Commission down.
Former EU Commission president Romano Prodi Romano Prodi says he was prevented from fining France and Germany for breaking euro rules
They voted to let France and Germany off.
...
"The view was that, ok, if the big boys won't adhere and impose discipline on themselves, they're going to be more relaxed in enforcing the treaty [on us]," recalls the former Deputy Finance Minister for Greece, Peter Doukas.
"I mean, no-one can impose sanctions on Germany and France. They are the European superpowers. So they won't adhere.