It is common knowledge that the establishment of the Economic and Monetary Union was the most far-reaching political step in the history of European integration. Likewise, we have always known that the architecture set up in Maastricht was incomplete and risk-inducing, particularly due to the absence of mechanisms to cope with asymmetric shocks.
The private nature of Italian funds is a further guarantee of a thorough and prudent assessment in compliance with the least-cost test, according to which interventions other than reimbursing deposits can only be implemented if the cost is lower for the funds than it would be in the event of liquidation.