I have seen the need for European Investment Bank investments and bank liquidification etc as a result of the current mess with a ECB without a proper sovereign.  A hack to fix the EMU without breaking it up.

If it is a larger matter of needing European regulators because EU rules has defanged national regulators, then those problems are not solved by instituting South European regulators. Unless the idea is that the South European countries should leave not only the EMU but also the EU and form their own union, the SEU.

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