First, the fiscal rules of the Stability and Growth Pact were tightened and a fiscal compact was agreed upon. The aim is for the fiscal rules to become more stringent and binding again in order to build confidence.
Second, a procedure for identifying macroeconomic imbalances at an early stage was established, in which the European Commission regularly examines whether private sector debt or member states’ current account balances, for example, are a source of harmful imbalances.