Whilst participating in the banking union therefore appears desirable, the terms of that participation should also be right. Indeed, we at the ECB consider it of the utmost importance to ensure that the participation of the outs occurs on equal terms as the Euro Area countries.
The safeguard clauses in the SSM Regulation, which for example allow for objections to decisions, should ensure that national specificities will be duly taken into account. On resolution, we need to find creative solutions to ensure a level-playing field between ins and outs. This holds a fortiori for the backstop for the single resolution fund which is currently the subject of much discussion.