The crisis erupted in full in late 2008, at the time of the Lehman Brothers collapse. The virulence of the consequences of this event brought a sense of common purpose among the most important countries in the world.
There should be an independent fiscal authority that can determine when there is an asymmetric shock or a problem across the euro area, and then react. And that is something that could be decided as we decide monetary policy. It would simultaneously reduce the burden of national fiscal policy.