A privately financed resolution fund is a further line of defence. All banks supervised directly by the ECB would have to contribute to this joint European resolution fund, which would supersede national regimes in the medium term. This fund should also be able to require additional payments from member banks.
Finally, we must be able to design and put in place institutional arrangements and policies to address the pragmatic and pressing needs of all European citizens. With these objectives in mind, we must admit that up to now we have not been able to claim success.