As you know, this is a matter that is being still debated in the context of the Task Force chaired by President Van Rompuy and the European Commission has recently published legislative proposals with its views on how to reform EU governance. The Commission has published on 29 September its proposals to strengthen economic governance.
A number of the Commission’s proposals are going in the right direction, but for the euro area more ambitious reforms are needed to ensure the smooth functioning of monetary union. In short, it is essential to strengthen further the euro area dimension of surveillance and policy adjustment.