The Fiscal Compact lies at the heart of the debate in Europe about austerity, growth and finding a sustainable solution to the euro crisis. This short paper by Sebastian Dullien seeks to explain exactly what the Fiscal Compact is and where it fits into the current debate.

This paper is part of ECFR's 'Reinvention of Europe' project, including papers, a series of National Papers examining the dynamics of the Europe debate several EU member states, and a series of blog posts on various aspects of the crisis from leading academics and thinkers.

The European Council on Foreign Relations does not take collective positions. This paper, like all publications of the European Council on Foreign Relations, represents only the views of its authors.

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