At the European level, a key role can be played by the European Semester process for the coordination of economic policies – including the macroeconomic imbalance procedure – which was introduced by the EU in 2011.24 However, it should be used to its full potential.
Moreover, for reform recommendations to be implemented at the national level and not be considered as illegitimate external constraints, it will thus be key going forward for national debates and decision-making processes to more fully internalise what it means to be part of Monetary Union.