European Union bureaucrats have come up with a new scheme which widens their powers and resources and offers taxpayers more protection from failing banks. But the fear is that the new Single Resolution Mechanism is a mirage which is underfunded and will divert bankers’ attention away from backing entrepreneurs to studying bureaucratic regulations.

<i>The European Union has delivered its new baby: the Single Resolution Mechanism. This new agent will be part of the so-called Banking Union project, responsible for supervising and regulating the banking and finance industry throughout the EU. The SRM will design the optimal rescue strategy in future banking crises and provide insur...

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Professor Enrico Colombatto
Financially weak countries might be pleased to see the birth of new agencies which give the illusion of shared decisions, responsibilities, and solutions
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