This could be realized by either be a European Commissioner with special authority or a finance minister (not necessarily with a huge budget), as it has been suggested by outgoing ECB President Jean-Claude Trichet, or another, ideally independent body that makes sure that national policies do not generate negative spill over effects which jeopardize the currency union as a whole.
But we still are not seeing economic growth anywhere near the levels prior to the onset of the crisis in 2008 that would offer policymakers sufficient opportunity to rebuild buffers without resorting to more painful austerity measures. In fact, we are now witnessing what the IMF’s Managing Director has labeled a “three-speed” world economy.