Important negotiations are ongoing between the Commission, the Council and the European Parliament to reach agreement on the legislative package to reform economic governance. For these reforms to reach the “quantum leap” that is required, the following elements are essential: First, greater automaticity is needed in all surveillance procedures, including the new macroeconomic surveillance framework.
The Council should have less room for halting or  BIS central bankers’ speeches  1  suspending procedures against Member States. Strict deadlines to avoid lengthy procedures and the deletion of escape clauses would further automaticity. This is critical to ensure the credibility of the new framework and address spillovers in a timely manner. Second, enforcement tools need to be more effective.