However, the transfer of sovereign rights to the European level which this would entail would prove impossible without extensive changes to primary law and votes throughout the member states. Politicians alone – not a central bank – can decide how action and liability can be brought back into alignment in the euro area.
And if politicians opt for the path that leads to more centralised fiscal policy, appointing a European finance minister or establishing a joint ministry of finance would be two possible ways of effectively establishing control over European fiscal policy at the European level.