Hence the cooperative philosophy is an excellent example of a value based business model. As the UN Secretary General Ban Ki-moon put it, “Cooperatives are a reminder to the international community that it is possible to pursue both economic viability and social responsibility.” Quite understandably, the experience of the global financial crisis has generated serious thinking about cooperatives as a bulwark for financial stability.
The compromise reached by Member States in the Council only allows that internal MREL is 1/2  BIS central bankers' speeches  waived if the resolution entity and the subsidiary are located in the same Member State, neglecting the fact that we have achieved so much in terms of joint supervision and resolution among euro area countries.