Economy
#BankingUnion: Moscovici says backstop has to be credible and capable of rapid deployment
Economic and Financial Affairs, Taxation and Customs Commissioner Pierre Moscovici said following the Eurogroup meeting (5 November) that more was needed to take more action for making the euro more resilient and fostering economic growth.
The Eurogroup continued its discussion on establishing a common backstop for the Single Resolution Fund (SRF) and how to enhance the effectiveness of the precautionary tools of the European Stability Mechanism. Moscovici said that the back stop for the SRF had to be credible and capable of rapid deployment. He said that this was a vital building block for a stronger banking union that can withstand future crisis and that can foster the development of pan-European banks able to compete globally.
The Eurogroup also looked into the work on the roadmap for beginning political discussions on a European Deposit Insurance Scheme (EDIS). Moscovici said that there was a long exchange of views and that the EU was some way from creating this third pillar of European Banking Union. He said that the European Commission would play its full role and looked forward to political discussions in December. He said the first concrete step would be liquidity support for national systems.
He added also spoke about the need for a eurozone budget, that he said was also important economically and politically for future resilience and stability.
Share this article:
EU Reporter publishes articles from a variety of outside sources which express a wide range of viewpoints. The positions taken in these articles are not necessarily those of EU Reporter. Please see EU Reporter’s full Terms and Conditions of publication for more information EU Reporter embraces artificial intelligence as a tool to enhance journalistic quality, efficiency, and accessibility, while maintaining strict human editorial oversight, ethical standards, and transparency in all AI-assisted content. Please see EU Reporter’s full A.I. Policy for more information.
Stepping out...to get the UK back in European Union
Energy use in the industry sector continues to decline
Improving energy efficiency of buildings to reduce bills and save energy
DG Translation in a city near you: June events
The role of quality assurance in advancing inclusive upper secondary VET in Slovenia
Europe must not turn its back on rural women’s empowerment
Commission accelerates transition away from animal testing in chemical safety assessments
Counterfeit cigarettes drive illicit tobacco trade to highest level in a decade, new study claims
Inconvenient questions about Andorra and San Marino that Brussels should be asking
How digital wallets are changing the way Welsh consumers pay for online services
Impasse in European Union Tobacco Tax Reform: The Swedish veto
EU Cybersecurity Act could expose member states to costly investment treaty claims, legal opinion warns
Várhelyi says unilateral measures by the US against the EU ‘would not be justified’
Libya’s fuel crisis offers lessons for energy security on both sides of the Mediterranean
490+ experts call for €10 billion ring-fenced health allocation in EU budget
ENVI opinion signals early resistance to Biotech Act SPC extension
Kazakhstan reforms under scrutiny at Brussels Press Club round table
Japan should face up to history and contribute more to regional peace
Ambassador calls for 'speeding up' of co-operation between EU and Kazakhstan
Timur Turlov at Smart Moves Summit 2025: How chess can transform global education
Shevtsova’s case: Out-of-court sanctions dismantling trust in Ukrainian cause
The future of European transport
Trump Vs Trueman
