Clarifying how these joint responsibilities are to be funded should be the second step. The national perspective and the extent of national responsibility also play an important role in the debate about the institutional reform of monetary union.
The special, asymmetrical design of monetary union – a single shared monetary policy paired with national sovereignty over fiscal policy – has proven to be susceptible to unwanted developments and crises. Yet there is still very little willingness to relinquish national sovereignty to the European level.