The key differences to my mind are as follows: •  Banks’ risks and asset quality are assessed in a comprehensive manner at the Banking Union level. Assessments are made applying common definitions, abolishing – or at least showing explicitly – any diverging national interpretations.
Second, where a central bank steps into the breach another equilibrium may also come into play as well, namely the forces of fiscal dominance which I alluded to earlier. If a central bank’s monetary policy is subjugated to fiscal policy, market players will sooner or later grow accustomed to this stance and expect a higher rate of inflation.