And SMEs account for about 70 per cent of employment in the euro area’s corporate sector. Is this Europe’s version of “quantitative easing”? Each jurisdiction has not only its own rules, but also its own vocabulary. We call them nonstandard measures. They are certainly unprecedented.
The resolution authority speaks for the public, starting with the indirect members and investors, and society more broadly if there are possible systemic consequences. Second, authorities don’t want to step in when financial resources are already exhausted. Another key interaction between the daily management of the CCP, recovery and resolution has to do with cooperation.