But a fiscal union must have democratic legitimacy and be subject to adequate parliamentary control. It doesn’t exactly appear to be likely at the moment. Could the euro survive as a “currency without a state” in the long run? The euro can certainly survive. But the system would always be fragile.
An effort has been made to produce results that are comparable across countries by relying, to the extent possible, on common  BIS Review 16/2008  1  assumptions, data definitions and methodologies.