On 25 June, VoxEU published “Making the Eurozone more resilient: What is needed now and what can wait,” an article supported by an impressive list of ‘Resiliency Authors’ (RA). It argues that the Eurozone now has an adequate financial architecture for coping with another “bad shock” and that what needs to be done “mostly [is] to make sure that the rules in place can be enforced.”1 I feel that this view may prove optimistic and, more importantly, that careless implementation of existing rules may become the very source of a new bad shock. Let me explain why.

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