Euro Area

[Kralizec]

Try to "dicipline" Greece after the recession and they will give you the finger, because the Greek government is elected by the Greeks and you cannot make demands of a soverign country. If you have a mechanism for successfully diciplining Greece then you will have persuaded her, and the rest of the Eurozone to surrender fiscal soverignty.

It has been realized from the beginning, allthough some seem to have forgotten meanwhile, that a common currency required certain norms regarding government debts and deficit spending. The Stability & Growth pact, as flawed as it was, could have been enough if the Council had ever acted on it to punish the worst offenders.
More realistic criteria is required, as well as the will to act upon them - by a supranational body if necessary, because an intergovernmental body like the Council has so far proven to be useless in this capacity. Sadly I don't expect anything of the sort will happen, and I don't think that the French-German proposal to enshrine debt limits in national constitutions will be uniformly applied either (Spain has apparently agreed, but I fear that Italian and Greek politicians won't have the courage to defend austerity to their electorates)

If there's to be a plebscite, it would have to be between:
A) a EU budget authority, or some other mechanism to effectively name&shame or fine the drunken spenders.
B) leaving the monetary union for that respective country.

"Fiscal sovereignty", as the fetishists call it, isn't completely lost under option A. Member states are still largely free in how they tax and how they spend; they're just not free to accumulate debt until a point where it threatens the larger EMU economy.
Despite the increased euroscepticism these past years, I would be surprised if option B would prevail in multiple countries. Bashing the Euro was very popular in Italy a couple of years back; now they crave the stability that it provides.