The key difference was that fiscal 2/8  BIS central bankers' speeches  stabilisation in the United States took place at the federal level, while the euro area lacked a central fiscal instrument to act counter-cyclically. The policy mix is also relevant when it comes to financial sector policies.
After the crisis, it was inevitable that banking sectors in advanced economies would have to deleverage, both to cover losses and to re-focus their business models. The United States ensured that this process happened quickly and early. Around 500 failing banks were resolved by the Federal Deposit Insurance Corporation, while struggling banks were stress-tested and recapitalised through the Troubled Assets Relief Program.