Time is short. The banking union requires not only an SSM but also a European SRM in order to strike the proper balance between liability and control. It makes little sense to shift supervision of European banks to the European level only to then, in the matter of resolution, to give responsibility back to a national body.
And we supervisors need an instrument for resolving banks smoothly without impairing the markets, one which bails in owners and investors, in order to put the bite back into our demands for consolidation and balance sheet cleansing. A proposal from the European Commission is on the table. In my view, however, there are both conceptual and legal problems in this regard.