More concretely, the Werner report called for closer economic policy coordination with an agreed framework for national budgetary policies. At the institutional level, it suggested a “centre of decision for economic policy”. This coordination body for economic policies should have been established alongside the European system of central banks, i.e. the monetary authority.
Both institutions were to be independent from the national governments, being politically accountable only to a European Parliament. This independent economic authority should have influenced the national budgets with a focus on the level and the direction of the balances as well as the financing of deficits and the use of surpluses, respectively.