  A focus on the measures with the shortest implementation lags as well as a regular reassessment of the adequacy of the size of the respective fiscal stimulus might have saved substantial funds in several countries and put them in a better position to weather the next crisis.
We need to get back to the rules-based fiscal system that for decades proved to be best suited for providing long-term stability.   An improved fiscal framework and well-functioning supervisory and warning procedures in Europe are even more important as recent years have taught us that we cannot rely on financial market mechanisms as the penalizing factor for bad fiscal behavior.