In combination with the agreement to enhance the Fund’s borrowing capacity, this will help to break the link between national banking systems and sovereigns within the euro area and it will protect taxpayers’ money in the orderly resolution, notably, of cross-border cases.
It is important now to keep up the legislative momentum, also at the national level, in order for the SSM and the SRM to become operational within approximately one year. It is worth acknowledging the very significant progress that has been made in less than two years on Europe’s ambitious commitment to build a genuine banking union.