The principle is now settled: banking is a risky activity and [nearly all] creditors must be braced for the consequences when things go wrong, rather than taxpayers.
The chances of a broader banking union have just risen – as have the chances of the Commission acting as the Single Resolution Authority. However, there will be profound implications for the structure of the financial system as the consequences unfold over the next few years. If big banks still fail after all this, then the question will be put: should they just be scaled down?
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