This would amount to what is known as a fiscal union. However, such a step would depend on the countries of the euro area transferring national sovereignty to the European level. Giving up sovereignty in this way would be a radical change and require wide-ranging changes to national and European legislation.
More than anything, such changes would need the support not only of policymakers but also of the general public. And on this point we need to be realistic. I cannot identify any willingness to do that at present – not in Germany or in any other country of the euro area.