Throughout the 1990s, Waigel was seeking to assure a skeptical German public as well as small companies and banks that the new currency would be as stable as the Deutsche Mark, which had become a symbol of Germany's economic hegemony in Europe at the time. In September 1995, Waigel first proposed that countries adopting a single currency agree to reinforce rules on budget deficits and impose financial sanctions against deficit violators that go beyond the penalties included in the Maastricht Treaty. Also in September 1995, Waigel first floated Euro as the name of the new single currency. He later overruled the French government with his proposal; France had favored want the name ECU, the European Currency Unit which was used in many accounts and the issuance of some debt at the time. The name "Euro" was later chosen for the new currency at the European Council in Madrid.