"We have established another important pillar of the banking union which will help safeguard the single market and the well-being of all citizens hard hit by the global financial crisis." This is Pier Carlo Padoan's comment in his capacity as Ecofin's current president on the formal adoption of bank resolution rules, after today the The EU Council has definitively adopted the regulation establishing the single European mechanism for the resolution of failing banks.
In this way, Padoan continues, "the EU radically improves the regulatory framework of the banking sector which will increasingly be at the service of the economy without shifting private risks to public budgets".
