French President Francois Hollande has called for the creation of a eurozone government and for citizens to renew their faith in the European project, which has been weakened by the Greek crisis.
Reviving an idea originally put forward by former European Commission chief Jacques Delors, Mr Hollande proposed “a government of the eurozone [with] a specific budget as well as a parliament to ensure its democratic control”.
If you want to keep the monetary union of the Euro, then you need fiscal union also. Greece has shown you can’t have a country in monetary union that doesn’t follow the same basic fiscal policy as the rest of the union.
But I can’t see national governments giving up fiscal policy control.