That said, the Governing Council of the ECB is concerned that, although they are going in the right direction, the economic governance reforms being discussed are not ambitious enough to correct the structural weaknesses of fiscal governance and, more broadly, macroeconomic governance, of the euro area. We believe that we can immediately go further in the “secondary legislation” with the current Treaty.
It is particularly suited to enhance the automaticity of the application of sanction mechanisms. Countries in the euro area that violate our common rules should be accountable for their policies, and freedom of action and flexibility in this field should be reduced as much as possible.