The plan that the SRM comes into force in 2014 and can start its operations as from January 2015, when the BRRD enters into force, is also welcomed. Banking Union is about restoring the single market for capital. European companies should be able to tap a single pool of savings to fund their global expansion.
Apart from complying with necessary regulatory procedure, the new ideas must facilitate market development without impairing the rights of consumers. To this end, the QDII scheme for stock investment can serve as a classic example. The introduction and moderation of the QDII scheme as well as the gradual opening of the Mainland capital market represent an important step towards financial system reformation.