7  See 12 U.S.C. § 2901; the ratings are Outstanding, Satisfactory, Needs to Improve, and Substantial Noncompliance.
It calls for contemporaneous progresses along four dimensions: ensuring that each economy has the structural features to prosper within the Monetary union (economic union), limiting risks to financial stability and increasing risk-sharing within the private sector (financial union), ensuring both fiscal sustainability and fiscal stabilization (fiscal union), and providing democratic foundations for all the above (political union).