▁fis cal ▁decision - making ▁to ▁the ▁political ▁alignment ▁of ▁the ▁government ▁( co al ition ), ▁with ▁e . g . ▁fis cal ▁contract s ▁providing ▁an ▁effective ▁commit ment ▁device ▁within ▁" ide olog ically ▁dispers ed " ▁coal itions . ▁ ▁European ▁mon et ary ▁econom ics ▁and ▁the ▁macro e conom ics ▁of ▁European ▁integration ▁▁ ▁J ürgen ▁von ▁H agen ▁has ▁also ▁published ▁extens ively ▁on ▁the ▁macro e conom ics ▁of ▁European ▁integration ▁and ▁the ▁Euro zone . ▁Before ▁the ▁Euro zone ' s ▁conception , ▁in ▁the ▁mid - 1 9 9 0 s , ▁von ▁H agen ▁( and ▁Man fred ▁Ne umann ) ▁supported ▁the ▁vision ▁of ▁a ▁" Europe ▁of ▁Two ▁Spe eds ", ▁with ▁a ▁mon et ary ▁union ▁including ▁Germany , ▁France , ▁Ben el ux , ▁Sweden ▁and ▁Austria ▁that ▁would ▁allow ▁the ▁remaining ▁econom ies ▁within ▁the ▁EU ▁to ▁conver ge ▁more ▁quickly ▁with ▁this ▁core ▁union ; ▁failing ▁that , ▁he ▁ca ution ed ▁against ▁the ▁creation ▁of ▁a ▁mon et ary ▁union ▁before ▁such ▁adjust ments ▁would ▁have ▁occurred . ▁Moreover , ▁he ▁already ▁emphas ized ▁in ▁the ▁ 1 9 9 0 s ▁the ▁risk ▁that ▁excess ive ▁budget ▁def ic its ▁in ▁the ▁Euro zone ▁may ▁pressure ▁the ▁European ▁Central ▁Bank ▁to ▁viol ate ▁its ▁fis cal ▁restrictions ▁and ▁b ail ▁out ▁excess ively ▁inde bt ed ▁govern ments ▁ex ▁post ▁( by ▁mon et izing ▁the ▁government ' s ▁deb t ) ▁or ▁ex