Of course any model is only as good as its implementation. In our model of economic co-ordination, the glue binding policies together is peer pressure. It is true that this has served us well to date, but there is a case to be made for enforcing it in line with our ambitions. Eurogroup meetings serve this purpose. While the informal nature of the Eurogroup meetings should be preserved to allow for frank and political debate, I believe more communication to the public of our common analysis and the precise commitments agreed in the meetings would benefit the working of the system.
Transparency is a key ingredient in peer pressure.
I also believe we need increasing economic policy debate at European level in advance of national economic policy decisions. The Commission is uniquely placed to carry out objective and neutral analysis, to analyse the policy mix in each member-state and the Union as a whole and to make ambitious policy proposals. However, it is up to the member-states to make the final decisions. The spring European Council will provide political guidance for this process. I am looking forward to the Stockholm summit for member-states to confirm their commitment to the model.