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The crisis has revealed that even in states whose public finances showed a public balance to the balance before the crisis could be subject to significant financial imbalances. Everyone in the euro area is convinced of the need to establish mechanisms to prevent systemic risk more comprehensive than those currently provided by the Pact of Stability and Growth. However, if this enlargement is a consensus, the choice of indicators of imbalance remains open. The current proposals reveals at least two separate readings, though not exclusive, potential sources of instability in the euro area. One blames excessive imbalances to widening gaps in competitiveness between Member States, the other to a credit expansion accompanied by a sharp increase in the prices of assets, movable or immovable.