afew:

looks like an intiative on the authors' part

Yeah, but "the authors" are basically the leading Green MEPs on the EP's Commitees on Economic and Monetary Affairs and the ad-hoc one on the Crisis, as well as the MEP group leader and the speaker of the B90/Grüne group in the Bundestag. You'd be forgiven for thinking this is an official position...

Of all the ways of organizing banking, the worst is the one we have today — Mervyn King, 25 October 2010