BIS Review 135/2010  5  I have the privilege to chair the GEM, and must say that I find the frank and very rich discussions we hold at its bi-monthly meetings of invaluable importance for the central bank community at large.
The resolution mechanism will also work as an insurance scheme in case of even graver systemic events. This is helpful, provided it is based on sound principles. The ECB is currently performing an Asset Quality Review of the largest banks of the euro area, and is preparing an ensuing stress test.