Other forms of constrained action, on the creditor or on the debtor side, are bound to lead to litigations and produce disorderly effects on financial markets. In this respect, the adoption of collective action clauses by the euro area member states would make it easier for creditors and debtors to agree on a fair burdensharing.
Mark Twain once remarked that “a man’s character may be learned from the adjectives which he habitually uses in conversation”. You can tell from the last couple of informal dinners that I am happy with the progress we have made as the Supervised Financial Institutions (SFIs) sector over the last quarter.