Common deposit insurance a ‘crucial step’ – ECB’s de Guindos

ECB vice-president says this is the European banking system’s main vulnerability

Luis de Guindos
Luis de Guindos
Adrian Petty/ECB

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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