For that reason, the Bundesbank suggests strengthening the role of the European Stability Mechanism (ESM) in fiscal surveillance, for example. One thing does seem obvious to me, however. If member states retain their fiscal autonomy, the sustainability of public finances cannot be safeguarded by rules alone.
In times like these it is more important than ever that we use the advice of the brightest and most talented scholars in order to find answers to complex questions and develop effective tools with real-world applicability in order to combat the potentially adverse effects of financial instability without jeopardizing our primary mandate of medium-term price stability.