The Commission is also gaining a much stronger crisis management through the new “two pack” legislation. The current proposals would allow the Commission to put any Member State under enhanced surveillance if it is experiencing or threatened with financial difficulties – regardless of whether it has requested financial assistance.
This would imply stress tests of the banking sector by the EBA, monitoring of macro imbalances and regular review missions by the Commission in liaison with the ECB. Moreover, the Commission would be able to send back budgets that did not comply with the SGP before they had been adopted by national authorities.