Policymakers agree that bank resolution is an essential part of any system of bank regulation, and cross-border banks may require cross-border resolution. However, because cross-border resolution may impinge on the fiscal responsibilities of Member States, the Commission's roadmap for banking union does not include any proposals to further bank resolution beyond its existing proposal for a Recovery and Resolution Directive. Although this Directive would represent a major step towards making European banks resolvable, it is unlikely to deliver the mechanisms and funding framework to ensure that large financial groups can be resolved through co-ordinated cross-border action. This means that, for the foreseeable future, group-level bail-in of debt will the default option for resolving such groups and there is, therefore, a case for reinforcing and accelerating the Directive's bail-in provisions. The structural separation of banking groups, as envisaged by the UK's Independent Commission on Banking and the Co...