The Commission of European Communities Issues a Communication for Cross-Border Crisis Management in the Banking Sector
The Commission of the European Communities has issued a communication titled An EU Framework for Cross-Border Crisis Management in the Banking Sector (communication). The communication came from a wide recognition that the global financial crisis demonstrated a lack of an effectice crisis management for cross-border financial institutions. The EU needs to build a resolution regime that would ensure that all competent authorities effectively coordinate their actions and have the appropriate tools for intervening quickly to manage the failure of a bank, with the objective of minimising the need for States to resort to the kind of exceptional measures that have been necessary in this crisis.