Another matter of priority is that resolution instruments, including the bail-in tool, have to be codified in national laws. The Key Attributes are quite a step forward. Implementing them will gradually align national resolution regimes. I am hopeful that this will significantly curtail the ability of financial institutions to hold taxpayers to ransom.
The possibility of a recourse to a precautionary support programme, especially if financial market conditions call for one, must not be overdramatised, as the European mechanisms are there to be used if needed.