IMF urges eurozone to complete banking union with common deposit insurance

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Photo: Flickr/freeimage4life

The International Monetary Fund has called on European authorities to create a single deposit insurance scheme to complete the bloc’s banking union project.

The measure is one of five steps the fund puts forward in analysis published on December 14. However, the euro summit held that same day failed to make substantial progress to overcome the institutional shortcomings of the eurozone.

The region already has a single banking supervisor and resolution tool, but lacks a legal framework

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