The President of the European Central Bank (ECB), Christine Lagarde, noted on Monday 20 March that the rules applicable in Switzerland regarding the prioritisation of creditors potentially affected during a bank resolution were different from those enshrined in European Union law.
“Switzerland does not set standards in Europe” and “that was made very clear” by the three European regulators, said Ms Lagarde, responding to a question from Pedro Silva Pereira (S&D, Portuguese) on how...