The paper revisits the criteria for joining the European Monetary Union (EMU) set out in the Treaty of Maastricht. It suggests a new way to measure inflation convergence for EMU membership. The Excessive Deficit Procedure, meant to monitor public debt and deficits, was effectively ended in 2005. The paper argues that while countries should have rules for their finances, supranational enforcement is not necessary. The Pact does not ensure coordinated fiscal policy in the EMU.