  Either we take the step towards deeper fiscal integration, or …    … we further develop the existing institutional framework and strengthen individual countries’ responsibility for themselves. However, a deeper fiscal union must not simply mean extending mutualised liability. This would be a transfer union, without mutualised control, and would not have the requisite disciplinary effect on the individual countries.
Instead, taking the creation of a deeper union seriously implies that the member states would transfer national sovereignty to community level; this should apply at least if individual countries request assistance from the community. In concrete terms, this means, for instance, that the community would acquire the right to make the necessary interventions.