One more issue on which we need to reflect concerns the measures that serve to make recourse to these instruments less likely. For example, recent experience has made it evident that the characteristics of deposit insurance schemes are key to containing the risk of bank runs and liquidity crises.
And yet, the advocates of an economic government argue that there are deficiencies in this framework, resulting in inferior economic outcomes, and that these could be remedied by an economic government. There is no doubt, however, that an immediate consequence of the creation of an economic government seeking close coordination with the ECB would be the blurring of responsibilities.