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Euro zone should have deposit guarantees, financial supervision
May 30, 2012 / 12:04 PM / 5 years ago

Euro zone should have deposit guarantees, financial supervision

BRUSSELS, May 30 (Reuters) - The euro zone should have a banking union, joint financial supervision and bank deposit guarantees as elements of a deeper economic union that European Union leaders will discuss in June, EU Commission President Jose Manuel Barroso said on Wednesday.

“We intend to look at the further steps we need to take towards a full economic union, to complete our monetary union,” Barroso told a news conference.

“The Commission will advocate an ambitious approach. The ‘building blocks’ could include a banking union with integrated financial supervision and single deposit guarantee scheme. And our ideas on euro bonds are already on the table,” he said.

“The pace and sequencing of these elements will need to be decided. We know that some of these decision cannot be taken immediately, some require from a legal point of view very important steps.”

While a year ago many EU member states were opposed to a collective bank deposit guarantee scheme, there was now much more support for the initiative, which was discussed at the last EU summit on May 23, Barroso said.

Pressure is also coming from Europe’s G8 partners - such as the United States, Japan and China - to do more on economic and financial integration, especially if the EU is to get on top of the debt and economic crisis quickly.

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