What to make of the Single Resolution Mechanism?

Senior Fellow Nicolas Veron evaluates the agreement on the proposal for a Single Resolution Mechanism (SRM) reached by the EU finance ministers in December 2013. He believes it is not enough to provide confidence to markets, and that the European Parliament is right to exercise its leverage, even without possibilities for a radical change. Deadlines for the next year are a tight, but not meeting them won't be a disaster provided that the BRRD is passed.