Major steps have already been taken to strengthen economic cooperation in the EU with stronger budgetary discipline and increased macroeconomic surveillance, but all the same it is essential that there is still political will to ensure that the policies pursued have a strong medium-term orientation while also dampening, not amplifying cyclical fluctuations.
It is important to observe the spirit as well as the letter of the common rules. This also applies in the event of a future banking union. *** The financial crisis was succeeded by a sovereign debt crisis in the EU. This has revealed close negative interaction between the economy and bank finances in a number of member states.