It took a crisis to understand this, but only the crisis made us realise that the failure of the euro, its disintegration, would hurt everyone, poor and rich countries alike, creditors and debtors. Sharing the same currency inextricably links the economic destinies of the member countries. It means suffering the consequences of the behaviour of others, even when they are undisciplined.
[31] As downward pressure on bank profits from these unrealised losses cumulates and aggregate deposit volumes decrease, banks become increasingly exposed to a tighter liquidity environment and need to step up efforts to secure their deposit bases.