This means that what we need is indeed a meaningful “concurrence of crisis management and regulatory policy”. The Bundesbank has pointed to two paths towards stable monetary union. One leads via an improved Maastricht framework in which national ownership is increased – meaning countries are to decide for themselves, but must themselves also bear the consequences of their decisions.
The second way leads via a fiscal union under which substantial national sovereignty would be transferred to the European level. However, it does not look at present as if policymakers will be taking either of these paths with any great commitment. In the wake of the crisis, joint liability has expanded considerably, representing a move away from the Maastricht framework.