however, limiting credit and liquidity losses in the case of failure may not be effectively ensured by using these mechanisms, because they were not designed to take into account the special nature of credit institutions. second, even if a well - designed special bank resolution or insolvency regime is in place in a particular country, this does not guarantee that cross - border banks can also be dealt with effectively. a cross - border crisis situation involves several national authorities, of course, each having different mandates regarding when and how they can intervene. even more importantly, these authorities may have different objectives to pursue, but are in all cases accountable to national taxpayers and depositors. bis central bankers ’ speeches third, and closely linked to the previous two points, the lack of private financing arrangements also poses a significant barrier to effective resolution. even the best resolution framework needs some funds to finance the measures. however, as long as strong interlinkages exist between supervisory and crisis management policies on the one hand and fiscal policies on the other, cooperation will be hard to ensure among national authorities. as an alternative, there are many possible forms of private financing : one could use the funds of the deposit guarantee scheme, set up an ex ante resolution fund, or ensure that the creditors contribute to recapitalisation. the bottom line is that the lack of such a means ultimately undermines the effective implementation of resolution measures. initiatives at the global level work at the international level to address these issues is ongoing and there are some promising developments. the financial stability board ’ s ( fsb ) new standard, “ key attributes of effective resolution regimes ”, adopted by the g20, is a point of reference for the reform of our national resolution regimes. these key attributes aim to enable authorities to resolve failing financial firms in an orderly manner and without exposing the taxpayer to the risk of loss. this initiative addresses all the three shortcomings that i have just mentioned. the fsb standard contains a comprehensive list of tools and powers which every national resolution authority should have. this means that they aim to improve the national regimes, while at the same time providing for convergence. the fsb key attributes also strengthen, in my view, the group resolution concept, by envisaging that recovery and resolution plans also have a global perspective. making the national supervisors and resolution authorities plan together how the problems of their groups could be handled would already be a big step forward. in that context, the authorities will also be asked to take into consideration the effects

. 6 % respectively ) in 2015 and are expected to remain in positive territory also in 2016 ( 1. 5 % and 1. 7 % respectively ). the greek authorities, following the enactment of the required fiscal measures and the expected completion of the first review at the eurogroup of 24 may, should promptly shift their focus to implementing the reforms in goods and services markets, taking action to tackle the problem of banks ’ npes and giving new impetus to the privatisation programme. such actions will have a positive effect on international markets ’ assessment of greece ’ s prospects and put in motion a virtuous circle, signalling a definitive exit from the crisis. today, there are big opportunities for greece that should not be missed. to give one example, china, in an effort to rebalance its growth model, wants to invest abroad. one of the countries it wishes to invest in is greece. i do not only mean investment in infrastructures and networks, but also in other sectors of the economy, such as industry and finance. to exploit these opportunities, we must appropriately adjust our growth strategy and adopt an extrovert growth model relying, among other things, on privatisations and the utilisation of public real estate, with a view to making greece a growth hub in the broader region. and, above all, we must have the will to attract foreign investment and not to miss once again the opportunities opening up before us. bis central bankers ’ speeches