ECB supports European Commission’s banking plan

Central bank calls for eurozone-wide guarantee scheme and more funds for resolution

Eurotower, Frankfurt, home to ECB banking supervision
Photo: ECB

The European Central Bank said it supports the European Commission’s plans to harmonise and expand the eurozone’s resolution framework and create a common deposit insurance scheme.

The ECB said it “strongly welcomes the European Commission’s proposed legislative package” in a legal opinion published today (July 6). The Commission’s plans, unveiled in April, would extend the resolution framework to small and medium lenders.

But the ECB warned it is essential that these reforms are backstopped

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