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, for example, destabilising effects are emanating from private sector debt or from the member states’ current account balances.
Third, a crisis mechanism was set up – temporary at first, then permanent – which is designed to serve as a “firewall”, safeguarding the stability of the financial system in the euro area.