I won’t deny that there are valid reasons for those differences: legislating for insolvency and bankruptcy deeply reflects the social contract of Member States in their cultural and historic diversity. When it comes to the liquidation of banks that are part of a banking union, a more harmonised approach to liquidation would be appropriate.
Legislators are now considering whether to add a liquidation tool to the European banking toolbox. Such an administrative liquidation framework would foster a more European approach. Furthermore, improvements to the crisis management framework would help a banking union reach its full potential.