Legacy problems in the banking sector, especially the still large stock of non-performing loans in some countries, should be worked out in the member states, without shifting them to the Eurozone level. Fiscal rules of the European Union are there to support macroeconomic stability.
Several reforms – of which I have first-hand experience – were agreed during the crisis, and they have helped to stabilize public debt. Yet further reforms are necessary to put in place simpler, more transparent and less pro-cyclical rules to safeguard the medium-term sustainability of public finances.