The German government's panel of independent economic advisers favors 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. Alongside measures such as deepening the European banking union, the council said the euro area's crisis toolkit should be complemented by a mechanism for orderly sovereign ... (full story)