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At minimum, a single "resolution" mechanism is also needed.
It also needs a single resolution authority that can shut down or restructure banks.
The telephone company's board approved both deals in a single resolution.
Next, the commission will build on our current proposals for deposit-guarantee schemes and bank resolution mechanisms to move toward a single resolution fund and a single resolution authority.
Euro zone leaders have also given the green light for setting up a single resolution mechanism.
"We want a single European resolution regime, together with a single resolution agency and a single resolution fund that is financed by a levy from the banking industry," Mr. Asmussen told reporters outside the meeting.
"Progress made in recent days on the Single Resolution Mechanism and a whole host of financial files is unprecedented.
A third hurdle is German resistance to a single resolution fund, let alone a single deposit-guarantee system.
The single resolution mechanism to wind down banks is too legally convoluted and lacks a credible taxpayer-financed backstop.
Join me in a single resolution for 2012: Every day, we will compliment someone who crosses our paths.
The United States wants a single resolution setting up rigorous weapons inspections, with an authorization to attack Iraq if it fails to cooperate.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com