As to public finance, in addition to implementing the reforms already approved (the Six Pack and the Fiscal Compact), it proposed gradual steps towards the creation of a euro-area budget and the issue of common debt. Most of these proposals were taken up again in subsequent reports, somewhat less ambitious on certain themes, including the Five Presidents’ Report of June 2015.
The results have been significant but uneven. The restrictions on the use of national mechanisms were put in place quickly, but the introduction and sharing of their supranational counterparts has been delayed. Likewise, a contained risk-sharing approach was adopted for common intervention to help individual member states in difficulty.