And this is where banking supervision has to be flanked by other measures and where the second pillar of the European banking union – the Single Resolution Mechanism – comes in. From 2016 onwards, European banking supervision will be supplemented by a European Single Resolution Mechanism for banks.
From then on, the banking union will rest on two pillars and provide a stable framework for European financial markets. 4. Conclusion  Ladies and gentlemen, let me return to the beginning of my speech. With regard to regulatory reform we might ask: mission accomplished or mission impossible? At the end of the day, the most probable answer is: a bit of both.