How about smaller bankruptcies, more often?

Stiglitz discussing the italian bankruptcy.

...A massive debt restructuring, carefully done, with special attention to the consequences for domestic financial institutions, will be essential. Without such a restructuring, the burden of euro denominated debt would soar, offsetting possibly a large part of the potential gains. Such restructurings are a normal part of large devaluations.

Let us mark to market the negative outcomes a bit earlier.  We can do this by adding priced member entry and exit to the ECB.