German Finance Minister Olaf Scholz says he is willing to consider an EU-wide common deposit insurance scheme. Even if the surprising concession wins wider backing in Germany, it is only a tiny first step, writes LiamWardProud:
German Finance Minister Olaf Scholz on Nov. 5 said the European Union should push forward with banking union reforms, and that Berlin was willing to consider an EU-wide bank deposit reinsurance scheme subject to certain conditions.
Writing in the Financial Times newspaper, Scholz said that European financial markets were still fragmented, barriers to the free movement of capital and financial liquidity still existed, and that uniform taxation of banks in the EU was needed. Scholz also proposed a single set of European bank insolvency rules for the bloc and changes to capital rules to stop lenders in the bloc from holding so many government bonds.
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