Liability is a core element of our economic system. That’s something every entrepreneur knows – after all, doing business means picking up the tab if things go wrong.
That’s why I think the euro area has reached a kind of crossroads: either we proceed towards a fiscal union in the sense of establishing joint liability with centralised rights to intervene in fiscal matters at the European level, or we turn back to the original framework as specified in the Maastricht Treaty and reinforce the principle of individual national responsibility.