Press conference by Michel Barnier, Member of the EC, on the establishment of a Single Resolution Mechanism for the Banking Union
Michel Barnier, Member of the EC in charge of Internal Market and Services, gave a press conference to present a proposal for a Single Resolution Mechanism (SRM) for the Banking Union. The mechanism would complement the Single Supervisory Mechanism (SSM) which, once operational in late 2014, will see the European Central Bank (ECB) directly supervise banks in the euro area and in other Member States which decide to join the Banking Union. The Single Resolution Mechanism would ensure that – not withstanding stronger supervision - if a bank subject to the SSM faced serious difficulties, its resolution could be managed efficiently with minimal costs to taxpayers and the real economy.
Location: Brussels - EC/Berlaymont Personalities: Michel Barnier