This strongly increased EU cooperation and harmonization, and improved the quality of supervision of all EU banks. The third improvement was the creation of a resolution regime. The resolution framework is implemented in EU legislation and the Single Resolution Fund is being built up.
It is approaching the halfway mark and within the next five years we should be able to reach the target level5. And, finally, supervision is also becoming more forward-looking. This includes, for instance, looking at the kind of corporate culture and conduct that has proven to be able to result in financial troubles further down the road.