Finally, progress has been accomplished to reinforce the economic governance framework of EMU – both as regards crisis prevention and crisis resolution. The EU rules guiding the design and implementation of national fiscal policies have been strengthened as well as in the legal frameworks of Member States. A new macroeconomic surveillance framework has been created.
The new provisions included in the elements for EU fiscal governance framework are important steps in the right direction. However, the devil lies in the details of the implementation. Most notably, the 2012 European Semester should be used to enforce rigorously the reinforced fiscal and macroeconomic surveillance mechanism. The ECB will play a significant role in the crisis management framework.