Improved transparency and predictability in the interpretation and enforcement of fiscal rules (Stability and Growth Pact) and ownership and credible implementation of the country specific recommendations are prerequisites for successful policy coordination. Furthermore, the adjustment mechanism within EMU should be facilitated by ensuring that it works in a symmetric way, i.e.
both for countries with sustained external deficits and for those with sustained external surpluses. To this end, the Macroeconomic Imbalances Procedure should be strengthened and foster reforms in countries that have been accumulating large and sustained current account surpluses.