The Euro Plus pact also broadened the scope of policy coordination. 4  BIS central bankers’ speeches  Previously, the stress had been on deficits and debt; now, the competiveness issues (such as relative labor costs) and financial stability were also included.
As I already mentioned, the EU is just now adopting an important legislative package which will strengthen the stability and growth pact and the macroeconomic surveillance framework of the EU. This package includes, among other things, a directive on the budgetary frameworks of the member countries.