If greater private sector involvement in burden-sharing of future banking failures is envisaged, and if the single supervisory mechanism is sufficiently proactive and prompt in identifying the need for and taking corrective action, then it will not require or use substantial public funds. But that is not how the recent wave of failures has been dealt with.
Can we be sure that enough will have changed in this respect for the future, or will the public purse be called upon again? Perhaps I have ventured enough into the uncertainties of the design and implementation of euro 2.0 to convince you that this makeover is indeed a large and ambitious venture. This is what we are working on.