Liability and control must be restored to a "more balanced position" in the eurozone to safeguard the monetary union, according to a speech by Carl-Ludwig Thiele, a member of the executive board of Deutsche Bundesbank.

The union could be stabilised through the creation of a genuine fiscal union with tax and spending policies "coordinated centrally at a European level", Thiele said, but he did not see a majority of voters in any eurozone country supporting such a move. The only possible option