The second challenge pertains to broadening the mandate of DICGC. DICGC is presently working as a pay box system. Going forward, we are examining the possibility of transforming it from a pay-box system to a system attending to all aspects of bank resolution. This may, however, require sweeping reforms including a thorough change in the DICGC Act, 1961.
Swift implementation is a necessary condition to resolve the confidence crisis the euro area currently faces. … but being prepared for the worst: increasing resilience and ring fencing Nevertheless, if a countries debt burden becomes unsustainable, a restructuring of sovereign debt cannot be excluded as ultimate resort. To be prepared for the worst, several lines of defense have to be strengthened: 1.