A headline of the New York Times springs to mind, which read: “Chaos in Catalonia”. The Huffington Post wrote about the “Brexit chaos”. And the Washington Post fears that the EU might even cease to exist: “What the E.U. must confront if it wants to survive”.
That’s why Europe would have to be given stronger rights to intervene in national economic policies, and a harmonised set of rules would be needed, before a European deposit guarantee scheme can be set up. That path means ceding certain rights to control national budgets to the European level, and it is one that ultimately leads to what is known as a fiscal union.