The Third Pillar of the Banking Union and Its Troubled Implementation

Concetta Brescia Morra ()
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Concetta Brescia Morra: University of Roma Tre

Chapter 17 in The Palgrave Handbook of European Banking Union Law, 2019, pp 393-407 from Springer

Abstract: Abstract In Europe, the regulation on deposit insurance schemes dates back to 1994 (Dir. 94/19/EC). This Directive only required a minimum level of harmonization between domestic deposit guarantee schemes in the European Union (EU). It was amended first in 2009 (Dir. 2009/14/EC). In the statement of the EU Commission in December 2012, a robust deposit insurance system was the third pillar of the Banking Union, but a Pan-EU Deposit Guarantee Scheme was excluded due to difficulties in reaching a political compromise. In 2014, a new Directive (Dir. 2014/49/EU) was approved which ensures a harmonized level of protection for depositors. In 2016, the European Commission (EC) prepared a new proposal to set up a European Deposit Insurance Scheme (EDIS). Many policy-related obstacles make it difficult to approve the proposal. Moreover, we believe that to strengthen the resilience of the euro-area banking sector to financial crises, the European legislature should think about the proper role of the EDIS in the new legal framework for management of banking crises.

Keywords: Banking crisis management; Financial stability; Deposit insurance schemes; European Banking Union (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-13475-4_17

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DOI: 10.1007/978-3-030-13475-4_17

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