Common deposit insurance a ‘crucial step’ – ECB’s de Guindos
ECB vice-president says this is the European banking system’s main vulnerability
If the European Union fails to approve a common deposit insurance scheme, it would be a “serious mistake”, said European Central Bank (ECB) vice-president Luis de Guindos.
In an interview on May 14, the official stressed the lack of this common backstop is the main vulnerability of the European banking system. The European banking union, created after the sovereign debt crisis in 2012, includes a common supervisor and a single resolution mechanism. Nonetheless, it still relies on national
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