It's hard to know exactly what a truly integrated, multinational superentity is, though.
For example, in this case Spain did everything right. They even regulated their banks so they wouldn't make risky loans. But they couldn't stop German banks making the same loans - so does this mean that regulatory authority over banking should be seceded to the EU too?
Spain did a lot of mistakes. I.e. not to take any action to stop the real state bubble, create unnecessary infrastructure, or the fact that a plenty of youngster stopped their education in order to work as construction workers.
My understanding is that they did try and stop the real estate bubble (to some extent anyway) but regulating bank loans, but the German banks stepped in to fund riskier projects.
Unfortunately, many Spanish commercial banks and saving banks bet the farm on the real state market. For example the Sabadell Bank just bought the CAM (a saving bank) for one euro.[1]
The were some talking about burst the bubble in 2004, but Zapatero's government never implement the reforms. The Spanish prime minister regret later about not bursting the bubble earlier.[2]
Spanish banks are well protected against loans because, the asset pledge as collateral" clause is rarely use in Spain.
Yes, IMHO this should be the goal. Coupled with directly elected European leaders. This election campaign would be a hit. Of course,... writing a post is easy. Getting this done requires a political genius.
For example, in this case Spain did everything right. They even regulated their banks so they wouldn't make risky loans. But they couldn't stop German banks making the same loans - so does this mean that regulatory authority over banking should be seceded to the EU too?