Graham reviews the latest text of the Terms of Reference for the Single Resolution Mechanism.
The Financial Times has published the latest text (link / full text for FT subscribers) but market participants should now be asking if this effort is becoming counter-productive. Is it plausible that it will actually work in the extreme circumstances of the imminent failure of a major bank? The increasingly probable answer is NO.
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Graham Bishop - Consultant on EU Integration - Political, Financial, Economic, Budgetary
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