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One of the arguments against the proposal, namely the timing, is linked to the fact that practically at the moment only the SSM is active. Restructuring starts January 1st and Bank Recovery and Resolution Directive is not yet adopted by all member states. The EC sent six member states to court for missing the deadlines for transposing the directive into their national legislation. Those are the Czech Republic, Luxembourg, The Netherlands, Poland, Romania, and Sweden. On December 10th, the EC warned ten members for not adopting the deposit guarantee directive – Belgium, Cyprus, Estonia, Greece, Italy, Luxembourg, Poland, Romania, Slovenia, and Sweden. According to Vitor Constâncio, the implementation of these directives is very important. The Single Resolution Fund was also threatened with not starting work on January 1st due to a very slow ratification process.
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