The fear is that transfers are always made in the same direction and that the taxpayers of the countries offering support do not agree with this. However, a common budget may enable public goods, such as security and defence, to be financed more efficiently.
As the great spaghetti westerns of our youth have taught us, the “goodies” win if they shoot first. But he also has to hit the target. There is no scene more depressing than those in which the cavalry is surrounded, without any ammunition left. If the transmission channel of monetary policy does not function, interest rate cuts have little impact on the real economy.