Some account for a large share of national GDP of their home country.
Thus, while progress was made on the sovereign side:   we still lack a European crisis management and resolution framework for systemically important banks;    there are as yet no funds earmarked or clear provisions to help in the recapitalization of big banks (although the ESFS/ESM might acquire such a mandate as well); and    the fundamental issue of institutions that are “too big to fail” has only started to be addressed.