And since market participants will most likely anticipate the new rules even if the later date is chosen, we may as well aim at 2015 for the BRRD to enter into force. Why is a common deposit guarantee scheme not also on the agenda? The reason is that a strong resolution framework lessens the need for it, at least for the medium-term.
This must be a priority for policy-makers and relevant institutions because not many things can be more destructive to public trust in European institutions than threats to financial stability. In particular,  decisive political will to move forward with the completion of the Banking Union and the development of the Capital Markets Union is much required.