Of course, effective monitoring requires adherence by members to the policy framework, it requires peer pressure and consequences to deal with deviant behaviour, and it requires reliable statistics. Reinforcing economic governance is essential. Fiscal and macroeconomic surveillance have fallen short of the requirements of a monetary union.
Fiscal policy conduct has quite often not been in line with the Pact, macroeconomic policies have been too loose, and peer pressure has overall been weak. These problems were visible well before the financial crisis, but the crisis has certainly taught us that there is no excuse for those that have not lived up fully to their responsibilities.