The legislative framework needed to address 'too big to fail' has been largely completed and the reforms that have been put in place should be given time to prove their effectiveness. Indeed, the resolvability agenda is in the midst of implementation, and under the Bank Recovery and Resolution Directive there are significant structural intervention powers available to supervisors and resolution authorities where there are concerns about the structures of individual banks. This position paper covers the steps that have already been taken under the BSR and the issues that still need to be addressed.
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