In our institutional framework for economic policies, it is primarily up to the Member States to respond to the economic challenges they are faced with, thereby ensuring that their economic structures are compatible with participation in Monetary Union. To reap the full benefit of Monetary Union, it is essential to ensure that national economic policies lead to sustainable growth.
Preventing the emergence of economic imbalances and creating the conditions for a thriving social market economy is not only a matter of national interest. It is also a matter of common concern, as a crisis in one country has repercussions for all members of Monetary Union. Effective surveillance is needed at both EU and national level.