Do you think the economic recovery came so soon it might stop politicians taking bold restructuring measures? A. “No, taking into account in particular the situation of unemployment, I wouldn’t say the recovery comes too soon. That being said, this is no time for complacency. The future is not written.
To this end, the decision about the viability of an institution should lie with the supervisor only. The Single Resolution Mechanism should not have the competence to decide on viability since this would imply multi-layered decision making, which for resolution would be, to say the least, inefficient. Resolution also needs to have a credible back-stop. Herein lies a significant challenge for the Greek Presidency.