The Single Resolution Mechanism (SRM), the second pillar of the Banking Union, will be fully in place as of January 2016. Ensuring the timely and effective resolution of failed banks is a crucial component of a stable financial system. By promoting better crisis resolution, the SRM will also improve market discipline and reduce excessive risk-taking.
In most central bank payment and settlement systems, the operating hours of these systems are limited and the participants are restricted to commercial banks and other particular types of entities. It may be an interesting topic to point out that there are such differences between banknotes and central bank payment and settlement systems.