First, liability and control must be aligned, with important decisions taken only by those who will bear their consequences. Second, the discharge of democratic control must lie at the level at which policy decisions are taken. Given the current state of our Economic and Monetary Union, further efforts to deepen it through political and economic convergence are clearly indispensable.
https://www.rba.gov.au/speeches/2020/sp-gov-2020-07-21.html  2/13  21/07/2020  COVID-19, the Labour Market and Public Sector Balance Sheets | Speeches | RBA  Graph 2  But on the other side of the ledger, there are also factors working in the opposite direction.