The result proved insufficiently coercive and was even further weakened when Germany and France failed to abide by the rules in 2003. The absence of a meaningful macro-economic surveillance led to heterogeneity which was  2  BIS Review 134/2010  further accommodated by the absence of expected market reactions.
I would say that significant progress has been achieved in this field over the years, particularly as a result of the activities of the Economic and Financial Committee (EFC) as well as the work of the Eurosystem, with support from the ESCB Banking Supervision Committee (BSC).