Moreover, the political and reputational measures that you are proposing are necessary to foster early compliance with the surveillance framework. An earlier and more gradual application of financial sanctions within the macroeconomic surveillance framework goes in the same direction. Your support in the same framework for a clear distinction between Member States belonging or not to the euro area is also positive.
The requirements of avoiding negative imbalances must be more demanding for members of the monetary union. This type of distinction, making full use of the Treaty’s new Article 136, has to be to be applied in different domains, drawing the appropriate lessons of the crisis for the functioning of the monetary union.