The pooling of the costs arising from any erroneous assessments by supervisory authorities would entail a joint assumption of responsibility by these authorities. If we want to avoid any recurrence of a crisis like the Irish one, it is necessary to provide for an integrated European supervisory system, limiting the scope for discretion by the national authorities and subjecting them to close monitoring.
The consequences of an oversized and highly indebted banking and financial system are not in fact suffered only by the citizens and taxpayers of that country but by everyone in the euro area.