Some of the most important pieces of the fiscal “jigsaw” already exist (the six-pack, the twopack and the Fiscal Compact). I would highlight here the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (commonly referred to as the Fiscal Compact),5 due to its structural importance and its implications at national level.
Indeed, with regard to its transposition, Member States have adapted their national legislation and fiscal frameworks,6 with most countries making important progress also in establishing independent monitoring institutions. This is an example of the credibility of the fiscal strategies, rules and procedures outlined at national level benefiting from the new European framework.