Addressing the Bundestag in November 1991, he remarked that “the idea of sustaining economic and monetary union over time without political union is a fallacy". True political union proved unfeasible back then, however.
It seems to me that not much has changed in this regard, not least because the necessary transfer of sovereign rights would require comprehensive changes to the EU Treaty and national constitutions. That would suggest that option number two currently stands a more realistic chance of restoring the balance between actions and liability. It essentially means bolstering the principle of independent national responsibility.