5 See Gamberoni, E., Giordano, C. and Lopez-Garcia, P. (2016), “ Capital and labour (mis)allocation in the euro-  area: some stylized facts and possible determinants”, Working Paper Series, No 1981, ECB, November. 6 See International Monetary Fund (2018), “Capitalizing on Knowledge-Based Capital”, Euro Area Policies – Staff  Report for the 2018 Article IV Consultation with Member Countries, June, p. 18.
Having ascertained the absence of any concrete alternatives, other than the far more traumatic option of liquidating the four banks, the Bank of Italy, with the approval of the Ministry of Economy and Finance, implemented the new resolution procedure provided for by the BRRD immediately upon its transposition into Italian law on 16 November 2015.