The interaction of banks, sovereign borrowing and monetary union produced difficult adjustments and
conflicts over responsibility. Shared currency arrangements operated alongside national fiscal institutions. Power question: where did authority sit when national voters, creditors and shared institutions wanted different outcomes? Avoidance question: how might banking arrangements, fiscal coordination, restructuring or other monetary designs have changed the adjustment burden? Lab proposal: compare recovery, unemployment, transfers and control under alternative institutional structures. Avoid treating all euro-area countries as one identical case.