For that, we need to rekindle faith in our common rules and ensure that they are respected. Additional support from the EU level, as recently proposed by the European Commission, could be beneficial in implementing reform priorities identified in the European Semester.
Putting in place a genuine financial union and a stronger economic union must be our key priorities for 2013. It is essential that the appearance of calm on financial markets does not distract from the urgent need to address the euro area’s fundamental challenges. Moreover, we should also not row back on what has already been achieved.