6 Conclusion Ladies and gentlemen As early as five years ago, then-Federal President Joachim Gauck, in my estimation, put his finger on the essence of the debate on European policy reform when he said that “This union involves give and take; it must not be a one-way street for anyone. It is based on the principle of reciprocity, equality and mutual commitment.
As of the beginning of 2016, the BRRD requires bail-in of shareholders and creditors equal to at least 8 % of the total liabilities of a failing bank. Only after the threshold of 8 % bailin can money from the resolution fund be used and only at the very end of the process can public money be used.