This was not always conducive to financial stability in other Member States or in the euro area as a whole. Governments and market participants trust the ECB in its role as an established, supranational institution to supervise the banks impartially and in the best interests of Europe. And many in the ECB were also somewhat sceptical to start with.
We don’t have bank resolution regime yet. It is on the way, but it does not exist yet. If a bank had to be wound up in the next few months, the framework does not exist yet, does it? In Germany, there is a framework under the German Bank Restructuring Act. But in Germany, all the banks will pass the test, won’t they?