Peter Bofinger, German government economic advisor, Sandro Gozi, Italian opposition EU spokesman, Douglas Carswell, UK Tory MP

August is the time that Europe usually shuts down for heat and holidays. But not this year for everyone. The Spanish Prime Minister, Jose Luiz Zapatero, has just decided his time would be better spent sweating in his office over the markets. Spanish and Italian bond yields, in other words the cost of their country's debt, have shot up to new highs. The latest, vast bailout for impoverished Greece had been supposed to settle nerves. HARDtalk's Tim Franks asks what's the answer? An acceptance that monetary union has been a mistake? Or even closer economic integration?