And, indeed, it is important not to put the cart before the horse in tackling such projects. Given the current degree of integration among member states and financial systems, a single Europe-wide deposit guarantee scheme would not be practical.
Even more than is the case for the costs of resolution and restructuring, it is true to say that bank balance sheets reflect economic developments in the individual member states that are currently beyond European control. Otherwise, taxpayers who are not involved would be made liable for mistakes in other countries without being responsible for those mistakes.