I am in favour of the creation of an early warning system to identify unsustainable policies. A number of the Commission’s proposals point in this direction, but we need to go further still.
The framework for the assessment of macroeconomic imbalances within the euro area should focus primarily on countries with vulnerabilities, losses in competitiveness and high debt levels, as these countries face the greatest sustainability challenges. The framework should also use a limited number of indicators to ensure clarity and consistency.