The crucial point here, in addition to an adequate structure, would be that a common European stability structure be developed and actually implemented.
Irrespective of all the changes to the regulatory framework, in a fiscal union, those countries which are experiencing macroeconomic or financial imbalances would consequently have to implement structural reforms to put their public finances in order to get the economy back on its feet. Depending on the form that it takes, a fiscal union could contain substantial transfer components.