European banking union insufficient to withstand next crisis – Portuguese governor

The Bank of Portugal
Rachael King

The post-crisis efforts to stabilise the European banking sector remain insufficient to deal with the next crisis, Carlos da Silva Costa, the governor of Bank of Portugal, said in a speech on June 30.

Although the Eurosystem now has the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM), it still lacks a common deposit insurance scheme.

“However, as the first two pillars of banking union were put in place, the political will to build the third pillar… waned as

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