The current discussion should not be an excuse to postpone taking action that is important for the European recovery and the completion of banking union. Let’s talk about the other pillars that Europe needs. What changes would you like to see on the fiscal side?
The priority here is for euro area countries to put their houses in order and comply with the fiscal rules, so they can regain fiscal space. Only then can a common fiscal capacity be put in place. Is there a need for a larger common budget? 1/5  BIS central bankers' speeches  I see two different discussions here, which are sometimes muddled up.