In any case, the continued appreciation of the dollar not only has dampened the normal offset from net exports to a slowdown in the U.S. economy, but it also has reduced the spillover from the U.S. economy to the euro area.
Cost allocation rules would also involve setting certain steps in the decision-making process. Such ex ante agreements could lead to a far-reaching loss of political sovereignty and to interference in national budgetary sovereignty. In addition, the costs of crisis management are largely the result of discretionary decisions taken during the crisis itself, such as on whether to save or liquidate a company.