Given the difficulty in overcoming the least cost criterion test, the removal of the super-priority and maintaining the possibility for funds to continue carrying out the alternative measures, already provided for by European legislation, seem to be the conditions necessary for preventing the crises of small banks from having to be managed via piecemeal liquidations.
3 See Board of Governors of the Federal Reserve System (2019), “Balance Sheet Normalization Principles and  Plans,” press release, March 20. 4 Information about the review and the events associated with it are available on the Board’s website at  www.federalreserve.gov/monetarypolicy/review-of-monetary-policy-strategy-tools-and-communications.htm. 2/2  BIS central bankers' speeches