The euro area will only ever be crisis-proof once and for all if renewed importance is attached to the liability principle. There are two ways in which this can be achieved.
Either through deeper integration, ie a situation where every member state surrenders decision-making powers in fiscal and economic policy matters to the European level, or by returning to an overhauled Maastricht Treaty, which would mean more national ownership and each member state being liable for the decisions it takes. The first solution is the road to a fiscal union with centralised decision-making powers.