We now have a whole set of instruments which allows the European Commission, national governments, the Single Supervisory Mechanism, the Single Resolution Board, and other stakeholders to deal with difficult situations. But all of the post-crisis legal architecture is seeking to avoid taxpayers having to pay for bank failures. Don’t Rome’s plans go against the banking union?
The responsibilities for state aid and resolution rest with the European Commission and the Single Resolution Board, in cooperation with the respective Member State. I trust that any solution will fully respect the principles of the banking union. The supervisor has to ensure that the banking system is sound and can fulfil its function.