Without broad support from the people of the euro-area countries, this kind of shift would be almost inconceivable, and it is unclear whether this support actually exists. It is vital not to make the mistake of taking the steps in the wrong order.
6  The increasing misuse of monetary policy  In principle, it is possible for monetary policy to safeguard price stability in either a decentralised or a centralised legal framework for monetary union, provided that the chosen system is adequate.