S&D Euro MPs slam the Commission’s U-turn on the Banking Union


11 Oct 2017


Euro & Finance

Press release

Brussels, 11 October 2017

The Socialists and Democrats today have criticised the Commission’s plans to abandon the full insurance for depositors in the euro area known as the European Deposit Insurance Scheme (EDIS).


S&D Group spokesperson on economic and monetary affairs Pervenche Berès said:
“We deeply deplore the Commission’s intent to drop the project of setting up a real European deposit insurance scheme as suggested in its communication adopted today.
“This represents a serious blow to completing the Banking Union.
“The Socialists and Democrats consider the achievement of the Banking Union as a key priority in ensuring recovery and growth in the euro area.”
“The Commission now seems to align with the position of the Conservatives in the European Parliament.
“We do not think that side-lining the S&D Group’s position is a wise strategy in reaching an agreement.


S&D Group negotiator for this file, Jonás Fernández, added:
“We regret that the Commission is stepping back on its ambition to achieve the third pillar of the Banking Union.
“EDIS can provide a stronger and more uniform degree of insurance cover for all citizens in the euro area. This is why we have backed the Commission’s original 2015 proposal on EDIS.
 “We believed it represents a balanced and efficient way to protect depositors, irrespective of their location in the euro area, against shocks and market panic.
“From our point of view, only full mutualisation would ensure the appropriate level of protection for depositors and the risk sharing that contributes, in the end, to risk reduction.”



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