The fourth message that I would like to convey is that responsibility for compliance with fiscal rules should lie with an independent entity. National budgets are a matter of common interest, given that the debt sustainability principle is an integral part of the institutional principles enshrined in the Treaties.
As a constituent rule in the EU, it must be safeguarded while ensuring its independence, technicality and neutrality. I therefore believe it is crucial to establish a central independent entity capable of assessing and issuing reasoned opinions on the fiscal adjustment path followed by Member States – a European “Public Finance Council”.