However, they are equally valid for all countries in a union with such a high degree of monetary and economic integration. And this is especially true when one considers that, with the exception of the UK and Denmark, all countries joining the EU are committed to joining the euro area.
Changes in the architecture include both improvements in macroeconomic surveillance and actions to establish a banking union. Economic governance has been improved through three main pillars: the so-called “six-pack”, the fiscal compact, and the “two-pack”.