You know that the monitoring of fiscal and macroeconomic policies in the European Union and the Euro area is performed by peer group fora: the Eurogroup and Ecofin meetings of finance ministers. The European Commission typically supports the activity of these fora.
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. Europe’s economy: the current challenges and the way ahead Let me come to the third part of my remarks: what is expected of national governments and of European Union institutions?