To generate these benefits, in our view the SRM must be built around a Single Resolution Authority and a European Resolution Fund. BIS central bankers’ speeches  5  Conclusion  Let me now conclude. The ongoing process of adjustment in the euro area, if persevered with, will create a path out of the crisis.
There is no doubt that this path is a challenging one, as it depends on deeprooted reforms to the structure of the euro area’s economies, and these require courage to implement and a willingness to confront vested interests.