The proposed reform is, of course, the result of a compromise – between the fears of those who have always rejected any further mutualization of risks and the opposing fears of an unjustified postponement of progress towards ‘genuine economic and monetary union’.
This strengthened the euro level governance of fiscal policy in a 5/9  BIS central bankers' speeches  significant way. In the past five years, the overall budget deficits of euro area countries have diminished substantially. Last year, the aggregate General Government Deficit was less than 1% of euro area GDP.