As the Directive will enter into force in January 2015, it means there would be a gap of up to three years where a key resolution tool cannot be used. The risk is that this leads to ad hoc national solutions which create unevenness across the Single Market. Second, the possibility for discretionary exclusions from bail-in is too great.
In this process, central banks through their monetary policy operations influence longer-term interest rates, overall economic activity and ultimately, prices. They aim to achieve price stability (low and stable inflation) over a period of time while minimising fluctuations in output and employment.