In my view, it is possible to elaborate the so-called broad guidelines of the economic policies of the Member States, which the Ecofin Council adopts in conformity with Article 103, and include fiscal policy co-ordination. So far, these broad guidelines have been very broad indeed. In the future, they should address individual countries more specifically.
Against this backdrop and not surprisingly, Germany is no longer seen as “the sick man of Europe” as was the case at the beginning of this decade. The UK, too, was once stuck with this rather unpleasant label, even though that was roughly 30 years ago.