Whether banking and supervisory structures at EU level proved adequate in responding to the debt crisis.

It was in the end of 2009, when the EU debt crisis began and appeared as a major threat in 2010.
The following reasons can be summarized which participated in the debt crisis.
Violation of EU Rules-
The beginning of the story of the debt crisis is related to the earlier stages of the time, when many European nations wanted to form a monetary union which lead to the inception of “Euro” as many participants violated the conditions needed under the Maastricht treaty.
Countries like Greece and Cyprus didn’t had real data about the financial and economic conditions and EU ignored it. EU also accepted heavy debts by many countries at the time of crisis.
Banking Sector Problem-
The banking sector was collapsed when it got involved in the global financial chain which dragged down in 2007 financial crisis.
The Banks were in a weak position because of the financial instruments of high risk will collapse in the debt crisis scenario and as the money they had was used for financing Government budget deficit rather than doing its important role of providing the money to Businesses and households which could have given them return for their ending amount.

Rating Agencies-
Tensions in bond market and increasing bond yields, difficulty in raising money by the government due to low trust of the creditors had after rating agencies continued downgrading the troubled euro nations because of the risk arising from the debt crisis.
Political Conflict
Different ideologies of the parties created conflicts between European decision makers. Germany and other rich nations refused any decisive method solving the debt scenario.
Germany even after the changes in the parliament, slicked to its austerity-led-strategy to deal with the financial crisis even if, it would have