As long as the Spanish government controls its banking system through national banking supervision, recapitalizing Spanish banks is like giving money to the Spanish government.
Mr. Carpenter states in his op ed that an independent FDA with no supervision from the administration would still be challengeable through the Administrative Procedures Act (APA).
He also recommended inviting ministries to produce press releases on developments related to the research they supported through the research budgets and grants they allocated to research institutes and universities under their supervision.
But although he is confident that effective resolution procedures will play an important role in helping the PRA to meet its single objective, of "contributing to financial stability through oversight of individual firms", resolution can never be an alternative to hands-on supervision by regulators.