BIS central bankers’ speeches  7  This shows that the willingness to cede fiscal policy powers to Europe on the part of policymakers and the public at large in the member states simply isn’t strong enough to take the step towards greater integration and a bona fide fiscal union.
All the more so, given that this would also necessitate far-reaching constitutional amendments in the member states. So from a fiscal policy perspective, it looks as if toughening up the existing Maastricht framework is the more realistic way forward. In the long run, only a coherent operational framework can reliably ensure that the monetary union is a union of stability.