As the crisis taught us, this set-up potentially exposes EMU to vulnerability because at the end of the day, the community may have to foot the bill for unhealthy developments in individual member states if it wishes to prevent the stability of the union as a whole from coming under threat.
In the case of a large bank, a team could easily consist of 70 people, including representatives from the national supervisory authorities. The programme for unlimited purchases of government bonds (OMTs) seems to have played a large role in saving the euro. Mario Draghi misses no opportunity to emphasise the success of the OMTs.