The calls which I discussed just now for a lender of last resort to be introduced for sovereigns can be seen as just as much of a manifestation of these thoughts as the notion of introducing in the euro area a common unemployment insurance scheme, or, taken to the extreme, mutual liability in the form of euro bonds.
But besides the problems I mentioned earlier which such a risk-sharing arrangement would cause in a monetary union and the question of striking the necessary balance between liability and control, I believe it would also be short-sighted to confine the risk-sharing debate to just the fiscal dimension.