But to be able to resolve conflicts between the different national resolution authorities, there needs to be a powerful European body at the heart of the system which ensures that common resolution standards are applied and carries out binding mediation. This interim solution would probably be quicker to implement and stand on firmer legal ground than the Commission’s proposal.
Essentially, though, in the legal groundwork for the SRM it is more important to be thorough than to be fast. These decisions have to be legally sound: where there are resolutions, there will also be law suits.