Macroeconomic coordination. What can a scoreboard approach achieve?

Going forward, the euro area countries need to coordinate their economic policies better in order to prevent the occurrence of macroeconomic imbalances. The proposal to introduce a macroeconomic scoreboard as part of wideranging economic policy surveillance in the euro area marks a step in the right direction. But it does leave important issues unresolved, making it difficult to assess scoreboard approaches as an economic policy guidance tool.