This initiative will enable parliament to adopt legislation more quickly. Once the reform measures have been formally and fully approved by parliament, the final step in the process will be a public referendum, most likely in the autumn. In some countries, the efforts to mop up the post-crisis carnage have centred around the question of debt.
High levels of household and corporate debt in some euro-area countries are continuing to stifle overall economic activity, particularly investment. But private indebtedness is not the only topic on the agenda – public debt also needs to be addressed.