The ESM could, for example have taken an equity stake in the relevant banks, or it could have offered a tail-risk insurance on the banks’ assets, rather than adding to the debt overhanging the Government. This point was argued by the Irish authorities at the time, but received a stony response.
The overall conclusion here is that the movement of people has helped even things out across the economy. 9 / 16  BIS central bankers' speeches  The other possible explanation for the reduced dispersion in unemployment rates is that many of the economic shocks we experience nowadays are less regionally concentrated – with the mining investment boom being an obvious exception!