“The E.C.B.’s new powers will allow it to intervene in bank management in ways it could not during the Cyprus crisis. The E.C.B. would be able to block a bank from paying dividends to shareholders and use the money to build up capital. A new central authority, which will start taking effect next year, will also provide a less disruptive process for winding down banks and selling off assets.
“What is different this time is that we are much better equipped,” Ms. Nouy said. “When there are crises, we will be able to organize the closure of a bank in an orderly fashion without creating domino effects.”
“I’m sure that all those measures are making the financial sector safer,” Ms. Nouy said. “But,” she added, “I am not promising that there will not be banking crises anymore.”
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