The General Accountability Office has concluded that the Federal Reserve's provision of payment services has benefited the U.S. payment system and its users.6 The Federal Reserve does not have regulatory authority over the pricing set by a private-sector system or to require a private-sector system to extend the service to banks of all sizes, particularly the last mile.
To ensure that liability and control are kept in balance, banks that are subject to European supervision also need to be resolved at the European level. But this also means that losses originating from the time before the launch of the banking union need to be remedied under national responsibility.