Bank Crisis Management and Resolution: What Is Missing?

I contributed to a collective project of ESMT and the German Sachverständigenrat which resulted today in the publication of an e-book on euro area reform. Chapter 6 of the e-book summarizes and updates a presentation I gave in August 2017 on the new euro area regime for bank crisis management and resolution, and adds notes of the ensuing discussion among the project group. I argue that the new system has broadly passed its first real-life tests in 2017, even though these confirmed the existence of various shortcomings that will need addressing as experience accumulates.