Reacting to ECOFIN conclusions today on the work of the task force that aims to strengthen European Union economic governance, Guy Verhofstadt, ALDE group leader, once again underlined the weaknesses of over-reliance on peer review in bringing discipline to macroeconomic policy-making:
"Europe's finance ministers have correctly identified the problem - a lack of governance - but failed to spell out the necessary solution. Peer review is exactly the mechanism that has failed to impose budgetary discipline in the past."