Adding a true single resolution mechanism (SRM) to a single supervisory mechanism is, in my opinion, indispensable. The Banking Union must stand tall and strong on both these pillars to be resilient. In order to achieve a balance between liability and control, a crossborder supervisory structure needs to be complemented by a common regime for restructuring and resolution.
I hope that the legislative process will be completed in good time to allow the SRM to become operational by the end of this year. On substance, I believe we need an efficient decision-making process that ensures that effective resolution action can be taken.