That said, we must keep in mind that the BRRD is a new and untested framework for failing banks, and it is not particularly suited to addressing a systemic crisis. As it will be revised by June 2018, we will have to closely monitor its implementation and identify any areas where adjustments and fine-tuning will be needed.
Initially, the priority must be to manage the crisis and mitigate its immediate impact. I am reminded of the popular Portuguese saying: ‘In times of war there is no time to clean weapons’. And that is how it was during the crisis. When we are facing problems we need to act, despite the presence of some risks.