They have  BIS central bankers’ speeches  7  called for some form of transfer or fiscal union as a complement to common monetary policy. Some have argued that a monetary union without a minimum of fiscal solidarity cannot persist. At the beginning of Stage Three of Economic and Monetary Union, however, the political will to move in that direction was small.
  The recent months have proved that the euro area countries are ready to show a substantial level of solidarity in view of the current debt crisis of some Member States, out of the profound conviction that only the health of each individual euro area country can ensure the health of the euro area as a whole – just like, at many stages during the last decades, obstacles had the potential to mobilize political forces that moved the European integration process forward.