By common consent, last week’s eurozone deal to create a banking union was a turkey. Barely anyone has had a good word to say in its defense.

Eurozone leaders insisted that the decision to hand over power to wind up failed banks to an independent eurozone agency with access to a common eurozone fund was a significant pooling of sovereignty. But the critics were adamant: the resolution process was too complex, the fund too small, the implementation period too long to break the toxic link between banks and sovereigns. Indeed, some say it risks making the crisis worse.