It will also be important to look at the adequacy of existing crisis management frameworks. Coordination will be required on how to address the financial stability risks arising from a possible wave of corporate insolvencies, as well as on identifying the conditions that must eventually lead to the unwinding of current emergency measures, so as to avoid unintended effects across sectors and jurisdictions.
This is because a fiscal union which lacks transparency, which is introduced by circumventing existing regulations and standards, or which is left to the whims of everyday politics would be built on sand and not be a sustainable basis for a stability union. Democratic legitimacy based on broad public support and amendments to the legal framework are closely linked.