Yes, the rush to get get countries to join the 'club' was considerable and it doesn't appear to have ceased although the current crisis is certainly focussing a few minds on the harsh realities of membership.
God only knows what the 'thinking' and oversight was.
Seems to me the tests applied to the likes of Greece were about as robust as those which were used in self certification mortgages and with the same result - albeit on a larger scale...