Europe has made significant steps towards creating a banking union, but the work is far from finished. Italian S&D member Roberto Gualtieri, who drafted a report on the progress made last year, said a single deposit guarantee scheme was still needed ahead. MEPs debate his report and then vote on it on 10 March. Watch our video interview with Gualtieri to find out his views on how to improve the banking union.
In the interview Guartieri said that what had been achieved so far was already highly significant. In recent years MEPs have approved putting the largest EU banks under the supervision of the European Central Bank as well as common rules on how to deal with banks in financial difficulties.
However, Gualtierie, who is also the chairman of Parliament’s economic affairs committee, added: „We also need a single deposit guarantee scheme to give much greater credibility to this ceiling of €100,000.” He pointed out that the European Commission had already come up with a legislative proposal.
In his view, other measures to reduce risks in banking should not delay the scheme: “The idea that we must first implement measures to reduce risk and then create a single deposit guarantee scheme is untenable and unacceptable. We must in fact work on both in parallel.”