"Europeanization has not gone far enough, " Simoni told CNN.

CNN: Europe's new threat: Slow decay

Politically, a Europeanization of the banking sector would also require countries to give up sovereignty, but in the area of banking regulation and supervision, which is rather technocratic and more remote from day-to-day concerns of ordinary citizens.

FORBES: A Better Solution For The Euro Crisis: Europeanization Of Banking