From Mike "Mish" Shedlock on the Euro quarter end spectacular SSDD

""it is far from clear that Germany is willing to give up their own banks
to supervision by the ECB."

It is also unclear what will happen to insurance,
which can not be monitored by the ECB according to the EU Treaty.

Or if the conditions to be imposed in order to use the European Stability Mechanism (MEDE),
conditions that likely will go beyond the financial sector...