Banking union, held in Berlin: "Yes to the unique guarantee on deposits"

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<! – -> For the moment it seems just a personal position. Not shared inside of the German government (read CDU-CSU is Angela Merkel, always against). But that the German Finance Minister Olaf Scholz, the successor of the hawk Wolfgang Schaeuble, push for complete the Eurozone banking union plan with the adoption of a common deposit insurance system certainly represents a turning point that can add another important piece for the construction of the "common European house" while theexploit of sovereign movements has suffered a setback in the Old Continent. therefore, an opportunity not to be wasted to put an end to the political divisions that have slowed down the evolution of the banking union, repeatedly urged by the ECB and some EU leaders if only because would make the Eurozone more resistant to shock economic is would allow Member States to liquidate failed failed banks, without the need to weigh on taxpayers' pockets and local economies.

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In an article on the Financial Times, Scholz explained that Euroland credit institutions must have a common deposit insurance system. A necessary step, otherwise the global role of Europe would be compromised if it were not completed integration of the eurozone financial sector. "The need to deepen and complete the European banking union is undeniable. After years of discussions, the stalemate must end", the number one of the German Treasury wrote, highlighting that with Brexit, the EU will lose the City Londoner – its biggest financial center – and that means it is time to promote better integration of euro area banks.

Davos Christine Lagarde

The most surprising element contained in Scholz's proposals is the his plan to create a common European system to protect depositors during a bank collapse through a backstop compared to national guarantee funds.

Germany has always rejected such a plan, amid public hostility to any perceived attempt to put Teutonic tax payers in danger for unstable banks in other countries. The reinsurance system would act as support for national funds, helping to ensure that governments can honor their legal obligation to protect deposits up to 100,000 euros in case of bank failure. Accepting some form of a common European deposit insurance mechanism was not "a small step for a German finance minister," Scholz said.

However, his proposals present heavy warnings and conditions, which are likely to arouse concern in EU Member States with weaker finances and fragile banking sectors and his proposals are likely to find opposition also in Germany. The intervention was immediately promoted by the analysts of Goldman Sachs, that "this proposal will probably have a greater weight on the market, compared to the previous ones". The ball now to Angela Merkel.

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