In fact, the Alternative Reference Rate Committee (ARRC) in the United States (US) has published a report showing that, while exposure to Libor has grown, the volume of transactions underlying Libor has been declining.2  The scarcity of underlying transactions has been viewed as rather problematic, as it has already resulted in increased conduct risk, despite efforts to strengthen governance processes around benchmark determination.
I see no compelling reasons why the costs of bank restructuring should be shifted entirely to the European level.