We therefore require clear rules that are valid throughout Europe – rules on the orderly resolution of banks and rules on who will cover the ensuing costs. The EU Council of Ministers has already agreed on a framework for the resolution and recovery of banks. I hope that the legislative process, too, may now be swiftly brought to a conclusion.
2/4  BIS central bankers' speeches  This year the ECB recommended that countries take five main actions: (i) adopt and implement comprehensive non-performing loan (NPL) resolution strategies; (ii) strengthen the use of local currencies; (iii) expand the analytical and policy toolkits of central banks; (iv) reinforce the medium-term orientation of fiscal policies; and, finally, (v) improve the overall business and institutional environment, with a view to reducing external vulnerabilities, among other things.