It was the unbalanced world consumption patterns that transformed what might otherwise have been a very serious but limited episode of financial turmoil into a fully-fledged global economic crisis, with plunging world trade and output. When the United States stopped serving as “consumer of last resort” the whole world suffered from insufficient aggregate demand precisely because of the unbalanced consumption patterns.
The EU has not, since the crisis, specifically adjusted the structure of regulation of foreign banks by its member states in their role as host supervisors.