In the case of the latter, the first thing that comes to mind is the disputed purchase of government bonds from crisis-stricken countries. The emergency measures rolled out over the past few years have undoubtedly helped to restore stability in our monetary union in the short term.
Yet these measures increasingly introduced the element of joint liability without monitoring powers being transferred to the Community level to the same extent. But that, taken by itself, undermines the Maastricht framework and its core principle of national fiscal responsibility. So what’s the next step now? Essentially, I see two possible paths.