It remains, in my judgement, the best model available for Australia. But it is not enough to look backward. It is only fitting that we consider the capacity of this framework to adapt to changing circumstances in the years ahead.
The establishment of a banking union has been agreed by Heads of State and Government in Europe and is now being delivered in stages, starting with the single supervisory mechanism. This has been entrusted to the ECB and has recently been approved by the European Parliament. We trust that a single resolution mechanism will enter into force by the beginning of 2015.