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over rising debts. But frontline bankers argue that to stop the rot politicians should override Trichet and order the ECB to intervene on a massive scale. Any other options? There is one obvious remedy eurobonds. Under this idea, members of the eurozone would issue bonds that would be underwritten by all states in other words, all would accept ultimate responsibility for each other's debts. However, this arrangement would imply the creation of a new pan-eurozone treasury ministry with powers to dictate members' budgets. That's virtually the creation of a new super-state, say some. Electorates might not vote for it. Is fiscal union even a realistic idea? Not without the backing of Germany and France. However, the crisis is now moving at such a pace that monetary union may be doomed in its current form. Cash is flowing away from the periphery and towards Germany. Unless those flows can be reversed, growth and recovery become harder to achieve in the indebted and struggling nations. Germany could eventually face a simple calculation. What's more expensive? Paying up to support its European neighbours; or suffering the economic fall-out from a break-up of the eurozone, its biggest export market. What does it all mean for me? The EU is our biggest export market for manufactured goods. But savers in most UK banks can sleep more easily than during the 2007-2008 crisis. Under the Financial Services Compensation Scheme, the protection limit for deposits is now 85,000 per person per firm. Just don't expect savings rates to rise: the crisis is likely to mean interest rates will stay low for longer.