But in thinking about social gaps, we need to recognize that the biggest gaps are between different groups in our society – among the Arab sector and the haredi sector in which poverty is concentrated – and the remainder of our society.
To this end, a new international standard on the recovery and resolution of systemically relevant banks has been developed. Having this new standard is a major step forward. At the same time, a Single Resolution Mechanism will be a central pillar of the European banking union. It will allow authorities to restructure or resolve banks without putting taxpayers’ money at stake.