When the indicators reveal potential problems, they should automatically trigger an in-depth analysis of the country concerned, including missions by the Commission in liaison with the ECB and public scrutiny. This process should be backed up by graduated sanctions, which kick in at an early stage, to reinforce compliance with recommendations.
The effectiveness of these enhancements to the governance framework will in part be determined by the quality and independence of the economic analysis that underpins them. Without reliable statistical data, interpreted and acted on by independent arbiters, we cannot be certain that the governance framework will provide the quantum leap forward that is necessary.