A fiscal stabilisation function should focus on cyclical developments, and it should be conditional on economic and fiscal policies being sound and fully respecting the EU’s governance framework. This would in turn contribute to macroeconomic stability both at the euro area level and, crucially, in each of its Member States.
Moreover, monetary cooperation and integration will have an important role to play also going forward. At the same time, it was emphasized that the role of monetary integration should not be overstated because the main impediments to integration in the Western and Central African region, and in Africa more broadly, are non-monetary by nature.