Over the medium to long term, I believe it is necessary to put the SSM on a sound legal footing; there is no getting around changes to primary law to improve the governance structure and to draw a clear line between the monetary and supervisory functions. I am convinced that we need to tackle the issue of these changes. 3.
Single resolution mechanism  Let me now turn to my second main topic for today: the Single Resolution Mechanism (SRM). The financial market crisis has shown us the magnitude of the hazards and costs associated with buzzwords such as “too big” or “too complex to fail”.