If deepening European integration is pared down to simply increasing risk sharing and mutual liability, it will do nothing to make Europe and monetary union any more stable.
Yet the banks know they have not made sufficient progress in turning that understanding into a robust mechanism at scale for delivering an adequate stream of realistic and viable restructurings. It’s often not just a question of financial (balance sheet) restructuring, but also the need for operational restructuring, which is something which generally goes well beyond the skill-set of the traditional lender.