The urgent adoption and implementation of this Directive is therefore of paramount importance. Second, the single resolution mechanism requires a strong authority at its centre. Mere coordination between national authorities is not sufficient for cross-border resolution in crises. This single resolution authority should have independent decision-making powers that would enable prompt and decisive action.
It should ensure that we re-shift the balance between bail-outs and bail-ins, where the private sector is held responsible for its risk-taking decisions. Those that benefit from the gains should also pay for the losses.