Policymakers believed that the European monetary union would lead to economic convergence
Maastricht was fatally flawed. Its convergence criteria were designed to make the single European currency as sound as Europe’s soundest, by imposing fiscal and monetary discipline on all. But Europe’s problem is endemic unemployment, not inflation. The political will to make Maastricht succeed remains strong in France, Germany and some smaller European countries. If they go ahead with a two speed Europe, they will move into the slow lane. The single market will die.
EMU structure was flawed and made no allowance for differing growth rates. ECB rates too low for some, too high for others.