On the one hand, there may be a danger of contagion and financial market panic. On the other, supporting insolvent banks with central bank liquidity might give rise to “zombies” and weaken the credibility of banking supervision and resolution, and thus the banking union as a whole. Therefore, I strongly support the timeline envisaged for the SRM to start functioning on 1 January 2015.
(1) Instant payments In line with the expectations of the ERPB, the Eurosystem encourages payment service providers to make instant payment solutions in euro available to end users at a panEuropean level from November 2017.