From "In Euro Zone, Banking Fear Feeds on Itself" in today's New York Times:
“This crisis has the potential to be a lot worse than Lehman Brothers,” said George Soros, the hedge fund investor, citing the lack of an authoritative pan-European body to handle a banking crisis of this severity. “That is why the problem is so serious. You need a crisis to create the political will for Europe to create such an authority, but there is still no understanding as to what the authority will do.” [emphasis mine]More regulation. That's the answer. But as to what to regulate and how to regulate it, well, there just ain't no understanding. But let's do some regulatin' anyway!
As that saying goes: "When you're a hammer, every problem looks like a nail."