New bank resolution regime as an engine of EU integration
On 1 June 2017 the European Commission and Italy reached an agreement ‘in principle’ on the recapitalization of Banca Monte dei Paschi di Siena (MPS). A mere week later, the Single Resolution Board (SRB) put Banco Popular Español (BPE) into resolution, and had its shares transferred to Banco Santander. Both cases must be understood in the context of the Bank Recovery and Resolution Directive (BRRD) and both can be considered as examples of how the new European bank resolution regime performs as an engine of European integration.