Data Act: Commission proposes measures for a fair and innovative data economy
01 August 2022
The European Commission proposed new restrictions on who can use and access EU data across...
The Commission has issued a proposal for new bank crisis management measures. The new measures, which were made public on 6 June, are designed to create a sounder and stronger financial system and to avoid banks being bailed out with public money.
The proposed framework will be based, in the first place, on prevention through early intervention. Moreover, it will ensure that national authorities and the European Banking Authority (EBA) have the appropriate coordination tools to implement coherent procedures, particularly across borders. The framework will also provide for credible resolution tools when a bank is no longer viable but allowing it to go bankrupt would disrupt essential financial services and overall stability. The Commission said that sufficient funds should be available to finance resolution, but should only serve to ensure the continuity of critical functions and not to bail out troubled institutions.
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