The fact that money market trading volumes did not fall (they actually rose) is remarkable given the fears some observers had expressed, informed by the Japanese experience of the 1990s, on the potential impact on market functioning of a negative DFR and of very low policy rates more generally.
To deal with large and complex banking groups, we need an institution that can take swift, impartial decisions. To break the link with sovereigns, it needs to have sufficient resources to back those decisions up. This requires a single resolution authority and a single resolution fund, established at the European level.