The main point here is that the orderly resolution of banks, even big ones, may contribute to avoid costly rescues by sovereigns that may endanger their own finances. The SRM puts in place a single authority responsible for the resolution of banks in the euro area and participating Member States.
1/2  BIS central bankers' speeches  (ii) Technical innovation Let me now turn to the second point. How the financial ecosystem is experiencing rapid change due to technical innovation.