It is of the utmost importance, because it will provide a key contribution to reducing the fragmentation in the euro area. The German government has said that Treaty revision is needed for a single resolution authority and it doesn’t agree on the use of the European Stability Mechanism for the recapitalisation of banks.
We want a joint regime, a joint fund and a joint agency. The ECB lawyers agree with the legal basis of the European Commission proposal for a European resolution regime. This is disputed by the German government and will have to be resolved.