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The European Banking Federation (EBF) welcomes the European Commission Communication on An EU Framework for Crisis Management in the Financial Sector presented today. It sees it as a useful roadmap for the forthcoming Commission legislative proposal on Cross Border Crisis Management, which is expected to be published by April 2011. The EBF has been supportive of the Financial Stability Board's and the G20's call for designs and systems which would help restructure or resolve financial institutions in crisis, thus avoiding public support on the one hand and guaranteeing financial stability and continuity of vital economic functions on the other. “We believe that exposed banks should be allowed to fail, if worse comes to worse, declared Guido Ravoet, Secretary General of the...
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