+0
Hi teachers,

But the worst defect in the design of the EMU, we argued, was that it was uniting Europe's currencies but leaving its fiscal policies completely uncoordinated. There were, to be sure, "convergence criteria," which specified that a country could join only if its deficit was less than 3 percent of gross domestic product and its public debt was was less than 60 percent. But even when these were turned into a permanent set of fiscal rules in the Stability and Growth Pact, there was no obvious way they could be enforced.

1. Does "it" mean "EMU"?

2. Does "its" mean "EMU's"

3. Does "these" mean "convergence criteria"?

4. Does "they" mean "a permanent set of fiscal rules"?

Thank you.

Tinanam
+5
1. yes 2. no 3. yes 4. yes

But the worst defect in the design of the EMU, we argued, was that it was uniting Europe's currencies but leaving its fiscal policies completely uncoordinated. There were, to be sure, "convergence criteria," which specified that a country could join only if its deficit was less than 3 percent of gross domestic product and its public debt was was less than 60 percent. But even when these were turned into a permanent set of fiscal rules in the Stability and Growth Pact, there was no obvious way they could be enforced.

CJ
Comments  
Hi CalifJim,

Thank you so much. I'm sorry I have yet few more questions.

"It" is a pronoun, it can be a it-clause according to my grammar book.

1. It is so hot today - Does "it" a pronoun of the weather?

2. I see a lot of sentences, like, "It seems to me that...." What does "It" here refer to? A pronoun.

3. In the text below, "it seemed a..." I think it's a pronoun of "monetary union", is it correct?

Still, when European Commission president Jacques Delors first propsed monetary union, it seemed a wildly ambitious project. Even when it was formally adopted as the third pillar of the European Union in the Maastricht Treaty of 1992, many economists - myself included - remained skeptical.

Thanks again

Tinanam