I personally believe the latter approach to be the more appealing, as it is the more fundamental and clear-cut alternative. The Bundesbank has been involved in the development of a concept for such a framework, and we call it the “Small Banking Box". It remains to be seen whether the Small Banking Box will be the way forward for the European Union.
At the moment, we seem to be steering more towards the “fine print” approach, which the Financial Stability Institute calls the “specific standard approach". But in the end, it’s not the name that matters, and the form is only of secondary concern. What matters is the content, i.e. the question of “What". And here, the most recent European Parliament report is promising.