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Ms McGuinness began by recalling how the previous crisis over 10 years ago led to a major programme of reforms of the EU financial system. But, she says, the reforms did not go as far as they needed to – and adds that the COVID crisis has been a wake-up call and a reminder of the importance of a robust crisis management framework. Ms McGuinness says that experience indicates that, while the resolution framework can be a very effective tool, there is room to improve how it works. This, she says, is where the Commission’s review of the crisis management and deposit insurance framework – known as the ‘CMDI review’ – kicks in.
You can read the full speech here, or watch the whole conference