In addition, as of June 2012 there was no "banking union" meaning that there was no Europe-wide approach to bank deposit insurance, bank oversight, or a joint means of recapitalisation or resolution (wind-down) of failing banks [REF].
Columnist Thomas L. Friedman wrote in June 2012: "In Europe, hyperconnectedness both exposed just how uncompetitive some of their economies were, but also how interdependent they had become.