This will ensure that shareholders and creditors are the first to bear losses, and not the taxpayers. But it is key, particularly for cross-border banks, that there is a strong central authority that can use these tools in a swift and impartial manner.
The ECB has been clear that we need a single European resolution authority and a single resolution fund as a fundamental complement to the SSM. I welcome the proposal of the European Commission in this respect and will assess it in detail.