Professor Philip Lane:

I do not think I have anything to say that is different from what Patrick Honohan said. I suppose the way I would phrase it is that the euro was a very young monetary system. It had only been around for the good times between 1999 and 2007. The playbook was not there to show how a national banking system should respond when its banks get into trouble. This goes back to the issue of whether they might have been overly cautious. Perhaps they decided not to try emergency liquidity assistance because they thought it might not be appropriate. The alternative could have been to raise the issue, explore it, discuss it with the ECB and say "Listen, here is what we are thinking and here is the situation".

Rather than assume it was not feasible, for whatever reason, it is something I would have hoped could be explored more.