But there are also items in the proposals that should be further discussed. First, supervisors need to be able to act quickly and flexibly, based on their judgement and expertise. A few proposals, however, seek to put a tighter frame around supervisory actions.
Many months later, agreement was reached among Member States to accept the second element of the Banking Union – the Single Resolution Mechanism (SRM). As the ECB often underlined, these two components were necessary for the framework to work effectively.