That's a very simplistic view and doesn't at all cover the whole picture. The union benefits all countries in varying ways (eg without the union Italian and Spanish and French banks would long have gone bankrupt). At the same time it also has negative effects. But you have the same issue internally inside any larger country.
Excerpt: "French banks were not immune but proved relatively resilient to the global financial crisis reflecting
their business and supervision features".
A quick Google suggests 'cajas' is closer to a credit union, though I'd love to hear more about the difference between a 'cajas' and a bank and the cultural expectations for both. (I would have been surprised if that happened to a US credit union.)
