There is an FT op-ed today by Hau and Sinn, which is mainly about the importance of ensuring sufficient creditor bail-in to limit calls on taxpayers in the event of a crisis. However, it also argues that the ECB has gone too far in providing liquidity against distressed collateral in the periphery. You can find it here.
There is a guest article by Avinash Persaud in The Economist here. Persaud is concerned that a single supervisory mechanism will lead to “one size fits all” regulation of banks across the euro area, so that the response to country-specific asset bubbles may be inadequate. It is not clear to me why a unified approach to regulation is inconsistent with the implementation of country-specific macro-prudential measures.