The German opposition has endorsed plans for a national referendum on creating a full-blown fiscal Union.
The leader of the centre-left SPD party, Sigmar Gabriel, rolled out the proposals at a small press conference in Berlin on Monday (6 August).
He said the euro can only be saved by pooling debt and sovereignty.
"You will not be able to hold the euro together without a common financial and tax policy ... We have a common currency, but no common finance or budget policy....
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Andrew Rettman is EUobserver's foreign editor, writing about foreign and security issues since 2005. He is Polish, but grew up in the UK, and lives in Brussels. He has also written for The Guardian, The Times of London, and Intelligence Online.