I don't have a link handy on my phone, but The Economist discusses this issue in an article this week about Europe's existential crisis with the currency system

I don't have a link handy on my phone, but The Economist discusses this issue in an article this week about Europe's existential crisis with the currency system. I think one of Italy's ministers mentions joining the EU specifically to force the parliament to quit running budget deficits, so tying their own hands was probably part of the deal for everyone to some extent.