In this situation, there have been successive suspensions of operations at factories as a result of pandemic-related restrictions around the world, and the effects of supply-side constraints therefore have become more prolonged than initially expected.
If Member States were to discuss a fiscal union while their economic strengths are as different as they are now, the debate would in fact be about creating new fiscal transfers, and our monetary union is not a transfer union. Second, any new set of rules should build on the existing ones. They should be enforced fully. It is a question of mutual trust.