The rules of the new European governance framework can only be effective if they are strictly applied. In particular, deadlines for the correction of excessive budget deficits should, for instance, only be extended, by way of exception, in the event of exceedingly adverse circumstances. Extensions should not become the rule.
The third set of measures is to be found in the first steps undertaken towards a banking union. The measures are aimed, in particular, at disrupting negative feedback loops between banks and public sector debtors, and at halting the increasing fragmentation of European financial markets.