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ECB’s Constancio: Sees consolidation in European banking sector
Without reinforcing too big to fail problem Crisis had nothing to do with initial design of EMU Crisis resulted mostly from the fact that several peripheral countries did not respect that design Misleading to say that the crisis was solely the result of periphery countries living beyond their means as a matter of policy A single financial market with a single currency needs a single system of supervision, alongside this, a single european resolution mechanism