Taxpayers were forced to step in for billions upon billions of euro in bank losses. Joblessness in some member states rocketed to levels hitherto unseen in the post-war era. To all intents and purposes, European and global institutions became the ancillary government in individual countries.
And many saw the rescue packages as the first step on the road towards a transfer union – something which had been categorically ruled out prior to the launch of monetary union. Many perceived the problems instigated by the crisis to be huge. Some even thought them irresolvable.