The key pillars were: a single resolution mechanism for banks within the euro area – the main pillar – together with a single deposit insurance scheme in case of a bank’s liquidation and a single supervisory authority, operating on the basis of common standards and practices.
We have benefited from many good experiences in corporate governance from abroad. However, relevant authorities in China have always been shy from clearly stating their attitudes towards the stakeholders’ role in corporate governance. Compared with the Principles on Corporate Governance issued by the OECD in 1999, the revised version issued in 2004 stresses more the role of stakeholders in corporate governance.