Even though in most countries the current fiscal policy stance, as envisaged in the updated stability programs, strikes a reasonable balance between letting automatic stabilizers operate and seeking further consolidation where needed, some countries' current consolidation plans lack ambition, particularly over the medium run, once the current slump has in all likelihood been overcome.
It is necessary that all euro area countries live up to their obligations in full. Fiscal policy must be part of a comprehensive and growth-oriented strategy, focusing - as a rule - on restraining the volume and on improving the structure of public expenditures.