One of the biggest problems was that the architecture of the euro area was not yet complete. We simply did not yet have all the institutions that are needed for quick and effective crisis management. The euro area already had important principles, such as the no bail-out clause, the prohibition of monetary financing and the no-exit clause.
But serious design flaws also became apparent, which nurtured excesses and contributed to the scale of the crisis. And when several Member States faced financial difficulties… … the right structures were not in place in order to deal with them. No efficient mechanism to, if necessary, refinance public and private debt or restructure or resolve troubled banks.