The exclusive link between the two is a political construction. There are at least three dimensions to the issue of sovereign risk. One has to do with the risk in banks: that is clearly tied to EDIS. Progress in risk sharing has to be combined with progress in risk reduction. It makes sense in economic terms and it makes sense in political terms.
What is noteworthy for my purposes today – beyond the elaborate nature of this exercise – is that ultimately the FSOC will make each determination on a very company-specific basis, with attention to the particular risks posed by each individual company.