The German government's panel of independent economic advisers favours the creation of a sovereign insolvency mechanism for euro zone states to prevent future crises and says countries should be able to leave the currency bloc as a last resort. In a special report published on Tuesday, the council of five experts known as the "wisemen", said the Greek debt crisis had underscored the urgent need for further reforms to make the euro zone more stable. "To ensure the cohesion of monetary union, we have to recognise that voters in creditor countries are not prepared to finance debtor countries permanently," said Christoph M. Schmidt, Chairman of the German Council of Economic Experts.
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