This is because we are at a point where it is time for decisions, and the matter before us is complex. Parliament has received about 2000 amendments on the six legal texts. Therefore, specificity in recommendations is essential. Let me summarise them under four headings. First, all surveillance procedures have to be faster and more automatic, including the new macroeconomic surveillance framework.
We have seen more than ever the importance of a timely correction of fiscal imbalances. Therefore, we cannot wait months or even a year until policies are corrected. In the meantime, spillovers would hurt other Member States. BIS central bankers’ speeches  3  In the past, the Council has often suspended the procedures of the Stability and Growth Pact, thereby weakening its credibility.