A “single rulebook”, which has yet to be finalised, will help to ensure harmonised supervisory practices and standards and avoid a home bias among national supervisors. •  the Single Resolution Mechanism, or SRM, aimed at reinforcing the no-bailout principle. A good deal of progress has already been made in creating an institutional framework for the first pillar of the banking union, the SSM.
The SSM Regulation is likely to be adopted by the EU institutions this autumn. Based on this ambitious schedule, the SSM is due to be launched in autumn 2014. The plans for the second pillar of the banking union, the Single Resolution Mechanism (SRM), have not yet progressed quite as far.