Yet, the principal building ground of the new euro area framework is the economic union. In the long term, we need euro area countries to become more flexible, open and to remain relatively synchronised.
Beyond the minimum requirements for budgetary frameworks proposed by the Commission, it is essential to introduce rules-based, medium-term frameworks and establish independent national institutions assessing fiscal policy. Implementing the most ambitious reforms possible under the current Treaty is in the deepest interest of the euro area countries. BIS Review 135/2010  7  5. Conclusions  Let me conclude.