The challenges related to finalisation of the package in the coming years should not be underestimated. These include assessing the interplay of the adopted and upcoming measures, and deciding on the overall level of capital in the financial system. What do you mean by the interplay of the various measures, will they complement or reinforce each other?
This should have been done long ago. Since 2005, within the Eurogroup, and then publicly, shortly thereafter, the ECB has warned against the considerable risks arising from these differences, which would be the subject of corrective action. If fully implemented – which of course is absolutely essential – macroeconomic surveillance will ensure a smoother functioning of EMU.