Lorenzo Bini Smaghi, a policymaker at the European Central Bank, said the EU's plans to revamp budget oversight do not go as far as they should. Bini Smaghi said the EU needs to quickly bolster budget procedures. "The [European] Commission's communications of 12 May and 30 June do not go far enough in the ECB's view on two counts," Bini Smaghi said. The ECB is looking to create a system of sanctions and incentives to encourage countries to stay within limits of public debt.

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