You cannot run a large, advanced, diverse economy on autopilot. 4  Corriere della Sera, 3 May, 1998. 9  Most transfers of sovereignty in fiscal and financial matters have been prompted by crisis situations.
Since the eruption of the sovereign debt crisis, emergency measures have been progressively accompanied by reforms of EU governance and especially of the euro area, starting with enhanced public finance rules and macroeconomic surveillance. In the summer of 2012, the ‘Four Presidents’ Report’ envisaged complementing or replacing national intervention tools with common instruments.