One day we will need to create ad hoc institutions, including an authority in charge of a euro area budget which would embody the collective interest, have decision-making powers and be accountable before the European Parliament. For as long as that is not in place, we will have to cross our fingers and hope that no crisis occurs.
So is the ECB making up for the failure of political will? Yes. The lack of coordination in the fiscal domain means that we are the ones who are doing the work. I dream of a euro area with a strong and democratic political base, which would alleviate the burden on the ECB. .