From the introduction of the editors:

Hubert Hieke deals with the SGP and argues that its focus on the 3 percent government deficit criterion has met increasingly strong criticism by economists. An attempt is made to suggest that an analysis of stability and growth of a member state should include overall flow of funds considerations instead of focussing on budget deficits or any other single economic parameter. The analysis questions the nexus between government deficits and inflation. It also demonstrates why countries like Germany appear to be forced into generating high current account surpluses so that foreigners, instead of the government, absorb the leakages generated by the financial surplus of the private sector. One of the scenarios to bring Germany into agreement with the revised SGP is to lower wages relative to its trading partners and become therefore more competitive. But this could become a curse rather than a remedy for the German economy, and it is not even certain if central bankers would applaud the deflationary effects.