The problem with long-term regulations is not that they do not exist but rather the fact that they are not imposed. There is no need for further control and regulation when the European Union already has a mechanism that will prevent economic crisis if it is stuck to. The Maastricht Treaty clearly states that countries in the European Union shall not have a government deficit that exceeds 3% of the GDP and the government debt was limited to be no larger than 60% of the GDP. [1] These measures should be enough to prevent any country in the union to collapse. The major problem was that the Maastricht Treaty was not respected by the member states and little or no sanctions were imposed to ensure compliance. Even comparatively stable countries have deficits above 3%, France had a deficit of 4.8% in last year. [2] The simple solution would be keeping the regulation of the already existing treaty and sanction countries that exceed their deficits and not impose new rules.  [1] Euro economics, ‘Maastricht Treaty’,   [2] The World Factbook, ‘Budget surplus (+) or Deficit (-)’, cia.gov, 2013,