of cross - border contagion in crisis scenarios and simultaneous stress situations in several significant markets. i would also highlight the fact that authorities will also have the right to improve the resolvability of large and complex groups. let me recall here that lehman brothers had a presence in some 50 countries and comprised almost 3000 legal entities before the crisis. simplifying the structure of global systemic groups could well be extremely useful in preparing for future crises, but authorities will clearly need to work very closely with one another to implement such modifications with great care. should the group get into difficulties, the crisis management groups could indeed be helpful in promoting cooperation. with such a forum in place, there would at least be a chance of authorities reaching a consensus on how to resolve a cross - border bank. already today we are quite advanced in this regard, as there are 14 crisis management groups for which eu authorities act as coordinators. these groups are truly global, involving authorities of numerous countries, ranging from japan to mexico. the issue of private financing is also addressed. the fsb standard states that jurisdictions should have in place privately financed deposit insurance or resolution funds, or a funding mechanism for ex post recovery from the industry of the costs of providing temporary financing to facilitate the resolution of a firm. bail - in, a form of creditor - financed recapitalisation, is also an important element of the fsb standard. i consider bail - in as an apparently promising resolution tool. however, in many cases, in order to ensure the robust viability of the distressed bank after such a measure and to limit moral hazard, a bail - in mechanism will need to accompanied by a set of other restructuring ( such as replacement of management ) or resolution measures ( like asset transfers, termination stays of contracts, segregation of troubled assets, bridge banks, etc... ). for cross - border institutions, international cooperation to elaborate resolution plans and implement them, it would help if other measures would be adopted like enforceable bis central bankers ’ speeches netting agreements, segregation of clients positions and, specially, the move of otc derivatives to central counterparties ( ccps ) and to organised markets. the new bank resolution regime in the eu let me now turn more specifically to the eu, where a legislative proposal for a directive – in line with the fsb standard – will shortly be published by the commission. judging by the papers and communications previously made public, the new framework has the overall objective of dealing with failing institutions in a

“ taking back control of globalisation : sovereignty through european integration ”, in : the schuman report on europe, the state of the union 2018, robert schuman foundation, march. 6 see cœure, b. ( 2018 ), “ the consequences of protectionism ”, panel contribution at the 29th edition of the workshop “ the outlook for the economy and finance ”, villa d ’ este, cernobbio, 6 april. 7 see cœure, b. ( 2018 ), “ taking back control of globalisation : sovereignty through european integration ”, op. cit. 8 see maas, h. ( 2018 ), “ courage to stand up for europe – # europeunited ”, speech at pulse of europe and the schwarzkopf foundation young europe, 13 june. 3 / 3 bis central bankers'speeches