This position might be understandable from a political point of view. But it doesn’t resolve the problem that I raised previously, concerning potential sinners forgiving the current ones. No change has been made to the system of governance aimed at reducing the perverse incentives. Why should the Eurogroup be expected to behave in the future any differently than in the past?
The question remains unanswered. The discussion is not over yet, as the new mechanism will now have to be discussed and agreed with the European Parliament. The Parliament might come up with ways to make the Eurogroup more accountable in its implementation of the SGP, with a view to safeguard the general interests for sound budgetary policies against the incentives for mutual forgiveness.