Revising European Union Directives: Deposit Insurance and Reorganization and Winding Up

Gillian G. H. Garcia

Chapter 7 in Financial Institutions and Markets, 2009, pp 155-185 from Palgrave Macmillan

Abstract: Abstract The global financial crisis requires the European Union (EU) to promptly revise its Directives on deposit insurance, reorganization and winding up of credit institutions. Disparate country practices have hampered the formulation of a coordinated response to the crisis and have demonstrated the infeasibility of effectively supervising, reorganizing, and winding up credit institutions, particularly cross- border institutions, and guaranteeing their deposits. While recognizing the difficulty in harmonizing across Europe’s contrasting legal traditions, the chapter calls for cross-border banks to have a European banking charter that is accompanied by special, harmonized systems of supervision, failure resolution, and deposit guarantees. These harmonized systems might well be developed around a revised Washington/Basel consensus on these issues and provide a template for the later creation of federal oversight in Europe.

Keywords: European Union; International Monetary Fund; European Union Country; Deposit Insurance; Credit Institution (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-10324-5_7

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DOI: 10.1057/9780230103245_7

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