At the end of the day, borrowing costs are distributed among all the member states of monetary union – either indirectly via higher interest rates for everyone or – as is now the case in the crisis – directly via the rescue packages. In the end, the community is jointly liable for the manner in which individual countries manage their budgets.
A question which arises at this point is whether the priority should be at regional level, in efforts to develop a regional, cross-border market, or at the level of individual countries, developing their own markets. Efforts on both fronts are surely needed.