Graduated sanctions should also come into play at an early stage to reinforce compliance. Assessments and recommendations should be given broad publicity at all stages of the surveillance process. Member States should anchor the new surveillance framework in national legislation by no later than the end of 2011. It is essential to introduce rules-based, medium-term frameworks and establish independent national institutions assessing fiscal policy.
I hope that the final result of the legislation emerging from the dialogue between the European Parliament, the European Council and the European Commission will represent the required quantum leap in the governance of the euro area.