However, such safeguards, which do have a bearing on the design of euro area integration, should not prevent euro area members from taking the decisions that are necessary for the smooth functioning of EMU. To sum up, a lot has already been done over the past five years to draw the lessons of the financial and sovereign debt crisis.
But this is not the end of the process. As most of you are lawyers, you know very well that once legislation has been enacted, implementation by the relevant authorities is equally important. At the European level, the agreed tools and procedures have to be fully enforced by the Commission and the Member States. This applies in particular in the field of economic governance.