It clearly becomes a choice between what is necessary: cutting spending or raising taxes. There were times when it was clear that increasing taxes was better because that meant more for infrastructure spending. I think, politically, that that is the under-driver because we are all aware that we are way behind in infrastructure. We will seek other ways to finance infrastructure if necessary.
I have the impression that some would like the EU to become something like a large-scale Switzerland, some kind of neutral bloc staying aside from major world problems. Assuming that the EU, or the euro area, wants to be an active player on the global stage, is it then ready to accept the consequences, particularly in terms of internal governance?