With the right instruments and tools, and considerable agility, policy autonomy is not only attainable; it can be the perfect catalyst for powerful collaboration as we move forward. Let us collaborate rather than be restrained by collectivism. 5/5  BIS central bankers' speeches
It first seems reasonable to me to avoid, in this matter and at this stage, any Treaty change. We could keep the 3% deficit target, which is a useful anchor, and even the 60% debt target. But the rule of a 1/20 annual linear adjustment towards the latter target has become unrealistic because it is too strict, especially for highly indebted countries. And, instead of the structural deficit which no one really understands, or even knows how to calculate accurately we could set a ceiling on the growth rate of public spending as an operational target. At constant tax rates, this amounts to much the same thing in economic terms, and was the main thrust of the reform put forward in 2019 by the European Budget Committee (EBC) chaired by Niels Thygesen. These rules should not simply be seen as a constraint imposed by Brussels, but should be widely internalised, 'taken up' in our French budgetary debate, as they are in our national interest. 2. Adding a European stabilisation and investment capacity Allow me to imagine a successful exit from the forthcoming tough European and Franco-German - negotiations: the southern European countries - including France - accept domestic rules for fiscal discipline; the northern countries including Germany - accept a European fiscal capacity.