In addition, the reform of the Stability and Growth Pact (SGP) in 2005 has weakened the fiscal framework substantially. There has been a lack of enforcement of fiscal discipline at the EU level and insufficient national incentives to comply with the EU rules.
Against this background, the European Council has mandated a task force led by the President of the European Council, Herman van Rompuy, to consider ways to strengthen the  8  BIS central bankers’ speeches  surveillance of budgetary policies and make corrective measures more effective.