However, this very bailout policy pursued by the member states and the Eurosystem has brought about a precarious situation: elements of mutual liability were essentially introduced for the crisis-hit countries’ debt, while fiscal policy remains a matter for national policymakers. That doesn’t augur well for the future. 8  BIS central bankers’ speeches  Liability is a core element of our economic system.
That’s something every entrepreneur knows – after all, doing business means picking up the tab if things go wrong. There are essentially two ways of putting control and liability back on a more even keel. Either the monetary union is developed into a fiscal union with centralised rights to intervene in fiscal policy at the European level. This would also enable greater mutual liability.