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A Blueprint for Completing the Banking Union

Stefano Micossi, (2017), “A Blueprint for Completing the Banking Union”, CEPS Policy Insights No 2017/42, Νοέμβριος

Completing the banking union is an urgent project facing the EU, given the Εurozone’s continued vulnerability to idiosyncratic liquidity shocks to national banking systems. The proposed changes to the European deposit insurance scheme (EDIS) under consideration by the European Commission could open the way to a satisfactory compromise between the twin needs to reduce legacy risks in banks’ balance sheets and to provide greater risk-sharing and a fiscal backstop for both the Resolution and the EDIS Funds – while continuing to exclude any sharing of past losses. With such a compromise, financial fragmentation would likely recede rapidly, leading to a larger role by private capital in cushioning real and financial idiosyncratic shocks.

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