Publication

This commentary assesses the compromise agreement reached in the EU on the Single Resolution Mechanisn (SRM). The author finds that the popular perception that the periphery of Europe has the most to gain from the establishment of a unified resolution regime might be wrong. The reality, he contends, is that Germany and other nations with large current account surpluses have a bigger interest in restricting the power of their national resolution authorities as they have a tendency to be too generous.