Two key issues remain: how to fund the backstop at a sufficiently high level to be credible, and how to create a swift decision-making process to deal with emergencies – if we need 1/3  BIS central bankers' speeches  weeks, it is useless. The euro area also needs a system for providing liquidity to financially sound banks after resolution – one that is provided by the Eurosystem and secured by a highquality public guarantee. I’m fully convinced that once we have a credible and efficient mechanism for resolution, it will be much easier to reach a pragmatic compromise on deposit insurance, probably with a focus on liquidity sharing between national guarantee schemes. Let me add two thoughts on substance: First, on anti-money laundering. In this area, I am convinced that we need to enhance our approach by building on a network of national authorities and EBA that should ensure an effective single anti-money laundering supervision. This means that EBA should have the legal and human capacities to foster convergence of practices on the best standards, based on clear European mandates. It should go as far as including effective breach of law reviews and a capacity to directly intervene in some cases with European-wide impact. Second, what we have managed to achieve for banks can serve as an example for financial markets.
The SSM is the fruit of all these lessons… and, under your responsibility, the best guarantee for the future. Thank you for your attention. 3/3  BIS central bankers' speeches