The need to assess the degree of flexibility of the BRRD during the review of the directive scheduled to take place by June 2018 was recalled by the IMF in its Global Financial Stability Report published a few days ago.
It highlighted the necessity of applying the new rules (including those on state aid) with flexibility and caution during the changeover to the new regime, when public intervention is no longer admissible but the banks have not yet put in place sufficient buffers to absorb losses without undesired effects on systemic stability.