However, the Governing Council feels that they do not go far enough to be the quantum leap forward in the economic governance of Monetary Union that it has been calling for. 1 On the fiscal surveillance, we need an effective surveillance mechanism so that corrective policy action is taken in good time.
And we need ambitious targets for the reduction of public debt towards the 60% of GDP ceiling. On the broader surveillance of macroeconomic policies in the euro area, we need a new system of mutual surveillance in the euro area, concentrating firmly on euro area countries experiencing sustained losses of competitiveness and large current account deficits as these countries face the greatest sustainability challenges.