There appears to be confusion about the applicability of the explanation clause. There is an assumption that the clause relieves us of the need to react to supply side shocks and that we do not have to worry about the inflation target. This  4  BIS Review 65/2008  is a misinterpretation of the explanation clause.
The Fund will start from national compartments but it will gradually, in eight years, mutualise to become a truly single European Fund. Underlying the new regime is the Bank Recovery and Resolution Directive (BRRD) which dramatically changes the culture. It ends the era of the bail-out and moves us to the culture of the bail-in. Bail-in will be the rule, bail-out a rare exception.