How, then, can Europe draw the line at Spain? Dire as the country's predicament may seem, it offers an opportunity to create a model for bank recapitalizations throughout the euro area. One crucial element, as indicated Wednesday in a European Commission proposal, would be to allow the euro area's bailout funds to provide capital directly to individual banks, a route now closed to the rescue funds. The quid pro quo should be a measure of European control over how the money is used, burden-sharing among the banks' creditors, the ejection of entrenched management and steps toward a unified banking authority with the power to take over failing banks anywhere in the euro area. In short, the type of housecleaning and regulatory framework that many European banks have been avoiding for decades.
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