The exact mechanism for doing this would be contingent on multiple factors, including size, interconnectedness, complexity, business model and industry structure etc. 31. Alternate resolution mechanism: In spite of the above regime, if an institution fails on account of systemic stresses, the objective must be to minimise the cost for the taxpayers.
Over time, unit labour costs soared, while competitiveness declined. Between 1999 and 2007, on average unit labour costs rose in Spain by 3.0 % per year compared to a slight decline in Germany of –0.1 %. This led to a decline in Spain’s competitiveness of more than 15 % over that period.