The ECB President contributes to the “Four Presidents’ Report” (with Donald Tusk, JeanClaude Juncker and Jeroen Dijsselbloem) on the future of Economic and Monetary Union requested by the European Council. But the ECB is obviously not a decision-maker: constitutional questions such as this go well beyond our remit.
Recent proposals 3/4  BIS central bankers' speeches  to focus the fiscal framework on a debt anchor complemented by an expenditure rule deserve further consideration.3 EMU also needs a central fiscal stabilisation mechanism to enhance countercyclical stabilisation during severe recessions. Past experience shows that the aggregate fiscal stance in the euro area is often suboptimal.