What you may have missed :

• EU need to break the vicious circle between banks and sovereigns

Euro-zone governments should move "quickly" to break the link between bank troubles and the sovereign-debt crisis, a spokesman for the European Commission said Wednesday, as it distanced itself from a German, Finnish and Dutch statement on bank bailouts.

• The critical phrase is "legacy assets"

The dispute between four AAA-rated euro zone countries on one hand - German, Finland, the Netherlands and Austria - and indebted states such as Ireland and Spain on the other, threatens to undo or severely set back efforts to allow banks to be directly recapitalised by the euro zone's rescue fund.

Useful Basel III rules

Now, neither the summit nor the FNAG statement do address my problem. Fine, there will be an EU regulator under the ECB authority by december 31st that will essentially delegate day to day supervision to national regulators. But,

1.  When has the EU parliament heard under oath bailed out EU bankers and failed regulators, national and else, on what went wrong to be able to elaborate an inclusive legislation able to restore confidence to both markets and financial products consumers?
2. When have national parliaments heard under oath their bailed out bankers and failed regulators to overhaul banking national legislation the national regulator will tomorrow use under the ECB authority addressing the loopholes that allowed the situation to happen?