This will enable swift and unbiased resolution decisions, which will address notably cross-border resolution cases in an effective manner. In this respect, the SRM should be viewed as a necessary – and logical – complement to the SSM. It would indeed be ill-advised to elevate the responsibility for supervision to the European level, while keeping resolution at the national level.
Spending in the household sector has held up well, and some signs of improvement are evident in business profits and investment. Fiscal policy continues to provide stimulus to aggregate demand, and monetary policy is currently accommodative. With the growth of productivity well maintained and inflation pressures largely absent, the foundation for economic expansion has been laid. 4  BIS Review 24/2002