In total, the reforms have all been concerned with restoring the equilibrium of the market economy. You can tell that, in particular, by an additional, quite important new instrument – the way in which bank distress is treated. During the financial crisis, there were a number of bank rescues. Mr Thiele has already referred to this “fall of the market economy”.
A resolution regime has now been established in Europe. The failure of a major Spanish institution five months ago demonstrated that the rules work and that investors can indeed be bailed in. Other, less satisfactory cases have shown, however, that gaps still exist, and these have to be closed.