A third key uncertainty for the U.S. economy is the outlook for productivity growth – that is, increases in the amount of output produced per hour worked. While the job market has strengthened significantly, GDP increases have been less impressive.
A European Resolution Fund should be set up to provide additional funding if needed. It should be financed by ex-ante risk-based contributions by all the banks falling within the SRM jurisdiction. 3. As a last resort, if the resources of the European Resolution Fund are not enough, funds could be drawn from a EU back-stop mechanism.