1. At present all the EMU member nations face insolvency risk because they use a foreign currency. If one such national government left the Eurozone and re-established its own currency, converted all euro liabilities to that currency, then they would eliminate that risk on all future liabilities issued.

2. When a nation is enjoying a strong terms of trade with an external surplus, the government can create more space for non-inflationary spending in the future by running fiscal surpluses and accumulating them in a sovereign fund.

3. Only one of the following propositions is possible (with all balances expressed as a per cent of GDP). A nation can run a current account deficit accompanied by a government sector surplus:

of equal proportion to GDP, while the private domestic sector is spending less than they are earning.
of equal proportion to GDP, while the private domestic sector is spending more than they are earning.
that is a larger proportion of GDP, while the private domestic sector is spending less than they are earning.
None of the above are possible as they all defy the sectoral balances accounting identity.