The member states would ultimately have to be prepared to relinquish national sovereign rights to the European level and thus combine the existing monetary union with a fiscal union.
This echoes the sentiment of Bundesbank President Karl Blessing, who in 1963 said that: “A common currency and a federal central banking system are feasible only if, apart from a common trade policy, there is also a common fiscal and budgetary policy, a common economic policy, a common social and wage policy – a common policy all around.” In my opinion, however, such a far-reaching transfer of national sovereignty to the European level requires the backing of both policy makers and the public at large.