In Europe, the regulation on deposit insurance schemes dates back to 1994 (Dir 94/19/EC). This Directive only required a minimum level of harmonization between domestic deposit guarantee schemes in the EU. It was amended first in 2009 (Dir. 2009/14/EC). In the statement of the EU Commission in December 2012, a robust deposit insurance system was the third pillar of the Banking Union, but a Pan-EU Deposit Guarantee Scheme was excluded due to difficulties in reaching a political compromise. In 2014 a new Directive (Dir. 2014/49/EU) was approved which ensures a harmonized level of protection for depositors. In 2016, the Commission prepared a new proposal to set up a European Deposit Insurance Scheme (EDIS). Many policy-related obstacles make it difficult to approve the EC proposal. Moreover, we believe that to strengthen the resilience of the euro-area banking sector to financial crises, the European legislature should think about the proper role of the EDIS in the new legal framework for management of banking crises.
Brescia Morra, C. (2019). The Third Pillar of the Banking Union and Its Troubled Implementation. In Mario P. Chiti and Vittorio Santoro (a cura di), The Palgrave Handbook of European Banking Union Law (pp. 393-407). Cham : Palgrave Macmillan, Springer Nature Switzerland.
The Third Pillar of the Banking Union and Its Troubled Implementation
C. Brescia Morra
2019-01-01
Abstract
In Europe, the regulation on deposit insurance schemes dates back to 1994 (Dir 94/19/EC). This Directive only required a minimum level of harmonization between domestic deposit guarantee schemes in the EU. It was amended first in 2009 (Dir. 2009/14/EC). In the statement of the EU Commission in December 2012, a robust deposit insurance system was the third pillar of the Banking Union, but a Pan-EU Deposit Guarantee Scheme was excluded due to difficulties in reaching a political compromise. In 2014 a new Directive (Dir. 2014/49/EU) was approved which ensures a harmonized level of protection for depositors. In 2016, the Commission prepared a new proposal to set up a European Deposit Insurance Scheme (EDIS). Many policy-related obstacles make it difficult to approve the EC proposal. Moreover, we believe that to strengthen the resilience of the euro-area banking sector to financial crises, the European legislature should think about the proper role of the EDIS in the new legal framework for management of banking crises.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
