In other words, a lasting return to normalcy depends on all policymakers playing their part – and the longer others wait, the greater the hurdles that the euro area will ultimately have to climb. 8  BIS central bankers’ speeches
At the request of Germany and France, more discretion and flexibility was added to the surveillance procedures. This turned out to be to the detriment of the Pact. It weakened the Pact considerably. At that time, the ECB expressed serious concerns about the negative effect of these reforms on the functioning of EMU.