The BU project was launched in 2012, and it was conceived as an institutional framework with three pillars: an SSM, a Single Resolution Mechanism (SRM), and a Single Deposit Insurance Scheme (SDIS). The three pillars were originally meant to be concurrent, symmetric and logically connected. The outcome has been different. The SDIS has been postponed to an indefinite future.
I will then conclude by highlighting some of the issues that I think should be among the priorities in our research agenda. 1  Gorton (2010) has recently described the current financial crisis as a run involving the “shadow” banking system and the repo market. BIS central bankers’ speeches  1  II.