That implies taking concrete steps towards restoring a balance of individual control and individual responsibility within the existing Maastricht framework. A framework which is in line with what Margaret Thatcher once said in her famous speech at the College of Europe – that improving the workings of the European Union does not automatically require stronger centralisation.
Individual responsibility requires that sovereigns, banks and investors bear the consequences of their decisions. This means that it is primarily up to the respective government and its citizens to come up with the revenue needed to repay public debt. This holds, in particular, since high levels of public debt often go hand in hand with substantial private assets.