Statement by Commissioner Michel Barnier following today's ECOFIN meeting on the single resolution mechanism

European Commission

Statement

Brussels, 11 March 2014

Statement by Commissioner Michel Barnier following today's ECOFIN meeting on the single resolution mechanism

Today, we made progress on a number of elements:

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  The “trigger” is clarified as well as the allocation of roles between the executive and plenary sessions.
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  The decision-making rules in the single resolution board have been made more efficient and an agreement has been found on the parameters for calculating bank contributions to the single resolution Fund.

However, on the issue of "who pushes the button", the Council decided not to change the balance of roles between the Council and Commission, on which it had agreed on 18 December 2013, thus rejecting one of the key demands of the European Parliament and maintaining a text on which the Commission continues to have a formal legal reserve.

On this basis, I will participate tomorrow in the trilogue as constructively as possible to bring closer together the points of view of the two co-legislators which remain very divergent, so we can reach agreement on an effective and credible mechanism before the end of April.