If we were to take this path, the European level would gain certain control rights over national budgets. This would amount to what is known as a fiscal union.
One distinctive aspect of this crisis has been its originating in industrial economies. Emerging countries have also been severely affected, but as a group remained a source of strength for the world economy. It is therefore not surprising that the crisis has led to even better recognition of their increased economic importance and need for full integration into global governance.