That is why I am in favour of using it only as a last resort and advocate structuring the conditions in such a way that countries are not encouraged to take advantage of them. In effect, however, the numerous crisis measures increased mutual liability within the euro area without establishing any sufficiently effective control rights in return.
This upset the balance between liability and control. This balance must be restored to safeguard the longterm stability of monetary union. One option for redressing the balance would be to make greater mutual liability conditional on greater mutual control.