During the 2007–09 global financial crisis, €213bn of taxpayers’ money was lost as a result of EU bank rescues. The bloc tried to bring an end to taxpayer-funded bailouts when it adopted the Bank Recovery and Resolution Directive (BRRD) in 2014 and established the Single Resolution Board (SRB) in 2015 as the central resolution authority in the euro area.
The aim of the 2014 framework was to resolve failing banks, minimising negative impacts on the economy and on public finances.
