Third, those who reject structural reforms often overlook a key aspect from the debate, which is their wider social effect, in particular on fairness. Ultimately, structural reforms benefit the many at the expense of the few. And this is key during a crisis like this where inequality is on the rise.
BIS central bankers’ speeches  3  One solution to this, at least for countries that participate in the SSM, is the creation of the Single Resolution Mechanism (SRM) to centralise resolution decision-making. The Commission recently released its proposal for such a mechanism based on Art. 114 TFEU, and the ECB supports the main elements of this proposal.