The Council of the EU, in its configuration as the Economic and Financial Affairs Council (ECOFIN), has published a  press release on the outcome of its meeting on November 10, 2015 reporting that:

• the Council welcomes the adoption of the European Commission’s action plan on building a capital markets union.
• the Council has reviewed implementation of the European banking union. The Council urges member states to speed up the measures necessary for entry into force of the agreed rules, including the recast Deposit Guarantee Schemes Directive (2014/49/EU) and the Bank Recovery and Resolution Directive (2014/59/EU) (BRRD).
• the Council has discussed short-term bridge financing for the single resolution fund (SRF), which is part of the single resolution mechanism aimed at ensuring the orderly resolution of failing banks. Agreement is necessary before the end of the year, as the SRF will become operational on January 1, 2016. Under the envisaged approach, bridge financing will consist of national credit lines from the member states. These will back up their respective national compartments in the SRF until such time as the SRF’s resources are fully mutualized.