It also considers that public finance discipline should be enhanced in the Member States and that the Pact's provisions should be implemented in a more effective manner.

Europe needs economic reform, public finance discipline, deepening the internal market, changes to labour laws to boost employment, and a package of measures to make a success of the Europe 2020 programme.

Even if the Stability and Growth Pact has been broken by many Member States, this instrument of public finance discipline should be revitalised and the sanctions should be reinforced for the Member States that do not implement measures to consolidate their public budgets and to keep deficits under control.