However, work for the construction of that pillar is still currently under way. These regulations must be complemented by institutions assuring their effective implementation. Indeed, Europe needs a qualitative change towards fiscal union. Economic union The achievement of a genuine economic union requires the establishment of an institutional framework able to assess, coordinate and monitor Member States’ economic policy measures and reforms.
Special emphasis should be placed on areas with a potentially higher impact on competitiveness, economic growth and employment, simultaneously promoting social cohesion. Member States’ economic policies and macroeconomic imbalances are an issue of common interest and therefore require a “win-win” concerted response. The “European Semester” and the “Euro-Plus Pact” are important improvements in this area.