Specifically, the reform reinforces the preventive arm of the Stability and Growth Pact, introduces a new procedure for addressing macroeconomic imbalances, and places greater emphasis on monitoring the national fiscal frameworks, identifying macrostructural growth bottlenecks and detecting macrofinancial risks in the Member States (see W. Köhler-Töglhofer and P. Part (2011), Macro Coordination under the European Semester. Monetary Policy and the Economy December 2011 issue).
15 ec.europa.eu/commission/sites/beta-political/files/5-presidents-report_en.pdf 16  See www.bde.es/f/webbde/SES/Secciones/Publicaciones/InformesBoletinesRevistas/BoletinEconomico/descargar/16/nov/files art2e.pdf 17 Council Recommendation of 20 September 2016 on the establishment of National Productivity Boards (2016/C  349/01). Euro area member states are expected to implement the recommendation within 18 months from its approval on 19 September 2016. 17 / 17  BIS central bankers' speeches