First, the primary responsibility of the European Central Bank is to maintain price stability in the euro zone, and it does not assume the role of lender of last resort. Therefore, in response to the crisis, the European Central Bank can hardly solve the repayment problem of a single bank except injecting liquidity into the entire banking system.

Second, the central banks in the euro zone are not note-issuing banks, and only the governments can take financial rescue measures. Although the rescue actions of various countries have avoided the further deterioration of their own crises, they have objectively caused beggar-thy-neighbor, and other countries are forced to follow suit, otherwise they will become the next target of attack. In particular, a government must be responsible to its own taxpayers, and it is difficult to rescue overseas banks, which leads to the negative impact on some small countries after big countries take action. For example, Iceland faced bankruptcy when it could not get assistance from EU countries, so it had to borrow 5.4 billion dollars from Russia to deal with the crisis.

Third, from a technical point of view, some large European banking groups are difficult to be rescued by a government because of their transnational operations. These large banks usually have a subsidiary bank with an independent legal person in European countries, with an independent balance sheet. At the same time, the Group manages the business and funds of each subsidiary bank in a highly unified way. Once the bank is divided and taken over by the relevant countries, the business will not continue, and countries can only temporarily take over and then sell it. In this environment, it is difficult to find buyers. For example, after the Fortis crisis, the governments of Belgium, Luxembourg and the Netherlands separately nationalized the subsidiaries of Fortis in China. However, due to the above technical problems, the rescue mode was finally changed. The governments of Belgium and Luxembourg sold the above-mentioned shares to banque paribas and changed to hold shares in banque paribas. In addition, once the bank fails, how to share losses among different countries will become very sensitive and it will be difficult to reach a solution.

on October 4th, at the Paris summit of France, Germany, Britain and Italy, Germany and Britain rejected the French proposal to set up a bailout fund for European banks (similar to the American financial rescue plan). A joint statement issued after the meeting said that all countries are committed to ensuring the stability of the banking and financial systems, but the final crisis response measures will be decided by each country. However, if the EU does not adopt coordinated measures to improve the overall ability and coordination to cope with the crisis, it will get twice the result with half the effort if countries act independently and unilaterally.

in this crisis, due to the low degree of internationalization of the banking industry in eastern European countries that have newly joined the EU, it has not been seriously affected.