Those who wish to shift liability to the Community level must be prepared to transfer fiscal policy powers to that level, too. Ultimately, the EU would then have to evolve into a democratic federal state. That said, there are currently no signs of willingness to take such a step – not even in the countries that are calling for more joint liability.
12  BIS central bankers’ speeches  Figure 7 Leverage by size class (weighted averages; 2010; only indebted firms) 60.0 IT  GE  FR  SP  Total 17  50.0  40.0  30.0  20.0  10.0  0.0 Total  Micro  Small  Large  Medium-sized  Source: Amadeus.