Several steps have already been taken with a view to enhancing the governance framework for EMU and improving the prevention and correction of fiscal, macroeconomic and competitiveness imbalances. At the same time, an overhaul of the framework for financial supervision and regulation has been initiated.
Finally, firewalls and crisis management instruments have been established in order to further safeguard financial stability, particularly by addressing the risk of contagion across countries and financial market segments.