Third, as a last resort, if the resources of the European Resolution Fund do not suffice, funds could be drawn from a European-level fiscal backstop mechanism. However, any fiscal support to the SRM should come in the form of credit to the European Resolution Fund.
“Digital Currencies, Stablecoins, and the Evolving Payments Landscape,” speech delivered at “The Future of Money in the Digital Age,” a conference sponsored by the Peterson Institute for International Economics and Princeton University’s Bendheim Center for Finance, Washington, October 16, https://www.federalreserve.gov/newsevents/speech/brainard20191016a.htm. Brunnermeier, Markus K., Harold James, and Jean-Pierre Landau (2019).