On 1 January 1999 it became legal tender for 11 out of 15 EU Member States, initially in electronic form and then as cash as of 2002. Germany has participated from the outset, alongside countries such as France and Italy. Has the euro been a success? Yes, the euro has definitely been a success, and indeed a success on an economic level.
For efficiency and financial stability purposes, one could argue that TLAC and MREL should be as similar as justifiable. Systemically relevant banks pose a special challenge when it comes to resolving them without creating substantial repercussions for the wider financial system. For that reason, the Single Resolution Fund exists.