Bank Supervision: Shadow boxing with the ECB

If a major bank based in euroland, such as ING or Deutsche Bank, had liquidity problems, which central bank, if any, would help with temporary funding? Would it be the European Central Bank or one at the national level?

This question isn’t resolved, and it is one that concerns an earnest group of academics calling itself the European Shadow Financial Regulatory Committee (ESFRC). The fact that there is no European financial regulatory committee to shadow doesn’t deter them, in fact it spurs them on.