Michel Barnier : ESM Could Become Bank Resolution Organization

The European Commission could provide a unique organization of bank resolution for only a limited period of time and then these attributes could reach the European Stability Mechanism (ESM), as suggested by the European Commissioner for the single market and services, Michel Barnier.

Michel Barnier Official in Brussels said, quoted by the German publication Handelsblatt: “We could reach an agreement first, so the European Commission to drive unique mechanism of resolution for a limited period of time and we will find another solution for long term. ESM could take unique organization of bank resolution as soon as will become a European institution. But to achieve this, we need to change the European Constitution “.

According to the Commission unique mechanism for union bank resolution will have a new board, consisting of representatives of the European Central Bank, the European Commission and of national competent authorities. This committee would have wide responsible for analyzing and defining manner of approach of the resolution to a bank. Unique mechanism of resolution should complement the unique mechanism of banking supervision and constitutes a new stage in the construction of Union bank.

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