In my view, however, to tell the story fully – and, in particular, to understand its international scope – we need to consider how global patterns of saving and investment have evolved over the past decade or more, and how those changes affected credit markets in the United States and some other countries.
In 2014 the BRRD, approved by the Council and the European Parliament, extended that scheme, starting from this year, to include also ordinary bonds and deposits of over € (i.e., the bail-in).