The Commission’s proposals – which I fully support – will provide a common language for domestic authorities for recovery and resolution planning, set up a common toolbox of supervisory and resolution measures, and also establish some principles for cross-border cooperation.
All this already looks like a huge step forward from the status quo, where national regimes are lacking the necessary resolution powers, and not harmonised with each other, either. Moreover, we should not forget that in the Single Market major banks operate in more than a dozen countries via branches and subsidiaries.