Of course, there are important differences between monetary and fiscal policies in terms of the potential for delegation to technocrats. Monetary policy is a technical task aimed at minimising market distortions and undesirable economic fluctuations. In order to overcome commitment problems, central banks were made independent and provided with a price stability mandate.
Second, where macroeconomic imbalances occur as a consequence of inadequate policies, those imbalances need to be identified early and corrective action taken. I believe that the surveillance tools are now in place, in particular through the Macroeconomic Imbalance Procedure, and that the emphasis should now be on implementation and enforcement by the European Commission.