In his new Der Spiegel interview, Nouriel Roubini lays it out:
What it comes down to is a deal: If the Germans agree to relax the ECB’s monetary policy and provide more money to defend the euro and the weaker states, then they should, in return, get regulations that automatically punish countries flouting budget rules. Overly indebted states would then have to accept a loss of their autonomy in fiscal issues. This would be a hairy deal but could avoid the collapse of the euro area.
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