However, the contribution of individual Member States to the area-wide stance is sub-optimal. Some Member States need to take additional measures to ensure compliance with the fiscal rules while others have scope to use available fiscal space. All euro area countries should strive for a more growth-friendly composition of fiscal policies.
More broadly, a stronger and more complete Economic and Monetary Union (EMU) is essential to ensuring the future resilience of the euro area economy. The European Commission started a general reflection on the future of the EU by publishing a white paper last month, which will be followed by a paper on EMU in May 2017.