It is important for citizens to inform their view on monetary policy decisions, and public debate among experts can help them arrive at a balanced assessment. The euro being shared by 330 million Europeans, it is crucial that such debate brings together different European perspectives. It cannot serve the euro well to take a parochial view to its future.
Regardless of the precise regulatory approach, to make the failure of a large international bank – however unlikely it may be – a manageable event, some banks may need to change their structure. Unfortunately, for the near future, resolution frameworks will remain focussed on the national level, because an international resolution regime is not politically feasible.