Also a fourth strength is that as a result of the crisis, a “crisis management and resolution framework” has emerged at the European level– and it is working. The initial stage was a fiscal backstop, the European Financial Stability Facility, and then the European Stability Mechanism.
This is simply a particular case of my general contention that a fine-tuning, demand management strategy would be extremely difficult to carry out at the national level. This contention has just been made in relation with the first question on co-ordination.