Fiscal union Lack of fiscal discipline among Member States during the pre-crisis period revealed the need to strengthen the European fiscal policy institutional framework. Important decisions have already been taken in this field, involving a range of regulations to promote fiscal discipline in Member States (for example the so-called “six pack” and “fiscal compact”).
However, work for the construction of that pillar is still currently under way. These regulations must be complemented by institutions assuring their effective implementation. Indeed, Europe needs a qualitative change towards fiscal union. Economic union The achievement of a genuine economic union requires the establishment of an institutional framework able to assess, coordinate and monitor Member States’ economic policy measures and reforms.