The treaty was motivated by political factors.
The way the treaty was ratified in countries such as Britain and Denmark destroyed whatever legitimacy it might have had.
The treaty undermines the ECB’s “commitment” to price stability by failing to safeguard the ECB’s independence.
The treaty is vague and self‐contradictory.
The European governments could not deceive the financial markets, which delivered a devastating verdict against the treaty by destroying the platform–the Exchange Rate Mechanism–on which European monetary union was to be built.