We can benchmark both and continue the discussion since we can engage in a apples vs organges discussion. This is where qualitative metrics are important. We are talking about 7 years of difference and Argentina is a complete stalled political system. One more thing, this was in the middle of the highest crisis since 2000. At least it shows that when politicians need to move forward it happens.
BTW, Argentina also had many local banks in different regions. The EU region is just ~1.5x larger than Argentina.
Argentina: 1 country. 1 currency. 1 law applicable to the entire country.
SEPA: EU + Iceland, Liechtenstein, Norway, Switzerland, and the United Kingdom: 31 countries. 12 currencies (7 currencies in the EU alone [1]). 31 different laws (while EU countries must adhere to the overall EU laws, they are free to implement their own laws as they see fit within the general framework).
wslh: yes, yes, they are entirely comparable, after all Argentina also has regions.
BTW, Argentina also had many local banks in different regions. The EU region is just ~1.5x larger than Argentina.