The CoR opinion rightly emphasises on conditionality and compliance with the Stability and Growth Pact. Regional and local authorities have a crucial role in contributing to sustainable structural reforms and fiscal consolidation in order to foster competitiveness, stability and growth in Europe. To point to the national and regional ownership is therefore the right thing to do. The EPP priority is to strengthen the credibility in applying the existing economic governance and to avoid further politicizing of the system. This includes maintaining the institutional and political independence of the ESM and its firepower. Any fiscal capacity would have to aim at supporting reforms in the Member States and be linked to the Structural Reform Support Programme.