As far as possible, it takes account of the economic and market context in which intermediaries operate, as well as of the difficulties in both the restructuring and recovery processes for banks and in managing crises.
As I have pointed out on more than one occasion, with the entry into force of the new European regulatory framework and in the absence of investors interested in purchase and assumption transactions, the only way forward in the event of a crisis is a piecemeal liquidation, resulting in a loss of value and in contagion risks.