As demonstrated by the crisis, the first option could cause devastating effects on the real economy with severe collateral damages. Without the steps taken in the past two years toward the banking union, the European financial market could lose its credibility as a deeply integrated and seamlessly functioning market.
As to the second option, I have already highlighted the interdependence between financial integration and common monetary policy. If the transmission of common monetary policy was restricted by national borders, its impact would be highly limited at best and destabilizing at worst.