Several reforms – of which I have first-hand experience – were agreed during the crisis, and they have helped to stabilize public debt. Yet further reforms are necessary to put in place simpler, more transparent and less pro-cyclical rules to safeguard the medium-term sustainability of public finances.
Shifting the emphasis on medium-term expenditure rules, instead of structural deficits (which are notoriously difficult to measure) seems to me a reasonable way forward. While institutional reform is important, Europe needs to work towards sustainable growth and job creation on many fronts.