But they did so by mutualising fiscal liability on a substantial scale. Fiscal and economic policies, by contrast, are essentially still a national prerogative, though the rules were admittedly stiffened somewhat. As a result, the balance between liability and control has been thrown out of kilter. This approach might have been politically expedient at the time.
But ever since the Greek crisis this spring, which is perhaps the most extreme manifestation of this issue, its limits have been laid bare for all to see. Invoking independence while receiving assistance has sparked political tensions and economic uncertainty.