On 14 December 2012, the European Council published its conclusions regarding the steps necessary to complete economic and monetary union (EMU).  These include: the need for the rapid adoption and implementation of the single supervisory mechanism (SSM); the agreement on the terms of the Recovery and Resolution Directive (RRD) and the Deposit Guarantee Schemes Directive […]

Introduction On 6 December 2012, the EU Council published a report entitled “Towards a Genuine Economic and Monetary Union”, building on an interim report on the same topic published in October 2012.  It proposes a timeframe and a 3-stage approach to the completion of Economic and Monetary Union (EMU), describing the RRP-specific requirements which form […]

Introduction On 5 December 2012, the European Central Bank (ECB) published its opinion on the EU’s draft directive establishing a framework for recovery and resolution of credit institutions and investment firms (the “Recovery and Resolution Directive” or “RRD”). In general, the ECB fully supports the RRD, welcomes the fact that it is in line with […]

On 26 July 2012, the EU Council published a notice confirming that its Working Party on Financial Services will meet at 10:00 a.m. on 3 September 2012 to examine the Commission proposal for a Directive establishing a framework for the recovery and resolution of credit institutions and investment firms.