As far as the euro area is concerned, I see no reason to be overly pessimistic. What matters is that the member states continue to muster the will to rigorously tackle the root causes of the crisis.
This a very important step in encouraging competition within the banking system, and several significant measures have already been introduced by the Banking Supervision Department: banks need to provide customers with relevant information before customers close accounts and the process of switching banks has been simplified; the transfer of the account is handled by the bank to which the customer is moving; customers now have the possibility of transferring some of their activities; and the costs of transferring to another bank have been reduced.