Speaking from Brussels PES President Sergei Stanishev stated: ‘From the beginning of the negotiation process, the goal of our political family was to safeguard taxpayers money and to protect our citizens. The leadership of the head of the Eurogroup Jeroen Dijsselbloem and of the President of the European Parliament Martin Schulz has resulted in a very positive outcome for European citizens. It is thanks to their hard work that we now have a mechanism that is strong, viable, and efficient. This is a great tool that will ensure that citizens never again have to pay for the failure of banks.”
The deal on the single resolution mechanism reached early this morning outlines the rules and procedures that should be followed in case a bank is in trouble. The major achievements of the agreement include the respect of the community method, an efficient and swift decision making process and a set of uniform rules for bank resolution.
