Meanwhile, Ireland, the agency said, could claw its way back into the single-A rating band if a deal is struck to share the burden of its bank debts.

FORBES: Has EU's Juncker Given The EUR The 'Kiss of Death'?

He's also been serious about making sure that we get taxpayer money back, which is why he instituted the bank fee, to make sure that every single dime that went out from taxpayers comes back to the federal government.

WHITEHOUSE: Press Briefing by Deputy Press Secretary Bill Burton

The single standard allows a bank to monitor its counterparty risks globally, streamlines back office processing and reduces costs in data management.

FORBES: "Global" Bank Regulation -- Stranded in the U.S.?

This was then followed by months of foot-dragging about whether ESM would really be allowed to recapitalize banks as well as plenty of back-sliding (most notably from Germany) on allowing a single bank supervisor to operate throughout the euro area.

FORBES: In EU, A Victory for Common Sense on Banking Union