With European rules that are quasi-  BIS Review 148/2010  5  automatic, fast-acting and sensitive to market signals, they draw on the stronger countries for the determination they themselves lack. Much has been done in controlling deficits on the front of the public finances, but the fundamental pillar of financial stability is economic growth, without which debts will not be repaid.
This is the front on which the Union’s cohesion will be tested: the ability to foster harmonious, rapid, sustained growth embracing all the member states, with common rules that, like those governing the public finances, help the countries lagging behind in undertaking the structural reforms needed if they are to return to faster growth. 6  BIS Review 148/2010