'The former head of the European Central Bank, Jean-Claude Trichet, even argued in a speech on 17th May that eurozone states should be able to declare fellow members bankrupt, and take over their tax and spending policy. Germany is in the unenviable position of being the only country with the clout to take on such a role, and there are already too many insults about a Fourth Reich in Europe.'

https://www.prospectmagazine.co.uk/magazine/eurozone-democracy-antony-beevor?ref=the-browser