Rather than applying rules that are barely understood and then subject to obscure deals in Brussels, a certain number of decisions would be debated at community level, with transparency and responsibility vis-àvis the European Parliament and the national parliaments. I believe, for instance, that a common fiscal capacity within the euro area would be a good thing if it enjoys this democratic legitimation.
Obviously, there is still a long way to go. We have to think about how the person who manages the budget (let’s say, the “finance minister” of the euro area) would be monitored by the national parliaments and/or the European Parliament. The ECB cannot answer  6  BIS central bankers’ speeches  questions like that.