And yet, the macroeconomic governance framework that was in place over the first two decades of the euro proved insufficient to promote them. The importance of making the framework a better fit for the task, cannot be overemphasised.
I believe that the European Commission's views, released late last year,2 correctly identify the key elements of the reform in 'improving national ownership, simplifying the framework and moving towards a greater medium-term focus, combined with stronger and more coherent enforcement'.