To avoid moral hazard, public risk sharing has to go hand-in-hand with greater coordination of economic policies and could be linked to the implementation of country specific recommendations and structural reforms, as well as sound and responsible fiscal policies in compliance with the existing EU rules. In the long run, a European Monetary Fund could be set up to replace the ESM.
Il est déjà clair, toutefois, que les relations entre la zone euro et le reste de l’UE - ceux que l’on appelle les “outs” -, seront d’une importance primordiale.