„To re-align perceptions, the eurozone needs to unleash a game-changing response. What we need now is a pooling of eurozone sovereign debt in order to stabilise the eurozone by virtue of sheer size and liquidity. This could stem panic and turn attention back to the eurozone's strong economic fundamentals, to the steady improvement in improving balances and to long-term re-building.
Understandably, some fear their support could be abused. That, though, misses an important point: the reconstruction of our system is economic governance is well under way. And if we believe that treaty change would promote economic and political cohesion, we should act immediately.
The reader may wonder why the foreign minister of a country not in the eurozone is joining the choir of those calling for the introduction of debt mutualisation. Hungary, though, is not an outsider: it is bound by the EU treaty to adopt the euro as soon as it meets the criteria.