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EU leaders to commit to finishing banking union one day

EU leaders to commit to finishing banking union one day

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Global Business Review Magazine
Saturday, June 10, 2023
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EU leaders to commit to finishing banking union one day

EU leaders to commit to finishing banking union one day

European leaders will promise to complete the EU’s banking union in the future, but will leave it to their finance ministers to work out when, their draft conclusions showed. Completion of the banking union would mean setting up a controversial common deposit insurance scheme. This would sharply reduce the possibility of a major banking crisis in the 19 countries sharing the euro. And this results in boosting the market confidence in the euro and also the demand for the currency.

In several euro zone countries this issue is highly sensitive. Euro zone finance ministers are stuck with their non-euro colleagues from other EU countries to agree on the deposit guarantee scheme for years. The draft says that the reiterate their full commitment to the completion of the Banking Union and capitalizing on recent discussions. It invites (EU finance ministers) to agree on a consensual basis, on a stepwise and time-bound work plan on all outstanding elements needed to complete the Banking Union.

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The EU-wide deposit guarantee is the main element, as there already is a single bank supervisor and a single resolution mechanism for banks that fail. But before the European Deposit Insurance Scheme (EDIS) is agreed, Germany and some other countries say other problems have to be cleared up. Banks need to be less in danger of collapsing in the first place, so that they would not go under if the sovereign they are most exposed to cannot redeem its bonds. Euro zone officials said no progress on any of the topics is likely before late September, as the German parliamentary elections will be conducted. But even with a new German government, this progress will be hard to achieve before France holds its election in May 2022, which is when serious talks might begin.

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Investors caught off guard as Bank of Canada’s inflation indicator fails

BoC sets rates to two-decade peak with room for more

US markets’ slump deepens to a half-year peak; its consequences

US markets’ slump deepens to a half-year peak; its consequences

Dollar edges up as jolt from Fed minutes wanes

Dollar unflinchingly holds position amid uncharted numbers

Deutsche Bank snapped by Credit Suisse

Timeline until: Credit Suisse stumbled and UBS went to its aid

Relentless debt: US loans are dragging; root cause multiplies

Relentless debt: US loans are dragging; root cause multiplies

UK to slash bond issuance

Banks toss bets for high-jeopardy bonds

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Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

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  • BoC sets rates to two-decade peak with room for more
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  • Timeline until: Credit Suisse stumbled and UBS went to its aid
  • Relentless debt: US loans are dragging; root cause multiplies

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