First, it is now crucial to make the common backstop to the Single Resolution Fund (SRF) operational. This backstop provided by the European Stability Mechanism will further enhance credibility and confidence in the resolution framework. Second, we urgently need several targeted changes to further improve the framework for dealing with banks in crisis.
The FOMC resolved at its December meeting to take advantage of an available, but unused policy, originally stated in early 1994, of releasing, on an infrequent basis, a statement immediately after some FOMC meetings at which the stance of monetary policy has not been changed.