I already talked about Italy in my introduction. With monetary policy reaching its limits, namely, negative rates (in 2008, the base rate was +4%, today it is negative) and the trillions bought by the ECB through its QE programme, and the scarcity issue which naturally arises, clearly, monetary policy can’t be the “only game in town” during the next crisis.
In that eventuality, there will be hopefully a more active role for fiscal policy with more fiscal backstops 16  to be implemented, moving also towards more risk-sharing in the euro area.