Claudia Buch: Europe’s banking union has come very far. It should go further.
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Supervision blog post signed by Claudia Buch (Chair of the Supervisory Board) and Dominique Laboureix (Chair of the SRB). They support the Commission's communication on banking competitiveness and set out principles for simplifying without losing resilience.
Key points
- Simplification must not reduce resilience, depart from international standards or blur institutional responsibilities
- Three key measures: a common European deposit insurance framework, better flow of capital and liquidity within groups with strengthened safeguards, and a framework for liquidity in resolution
- ECB-SRB coordination already under way: coordinated data requests and inspections, a single collection of weekly liquidity data and shorter deadlines for reductions of own funds and early redemptions of MREL
Who is affected
Banking union banks, EU legislators
Plain-language version
Claudia Buch, head of banking supervision at the ECB (the euro area's central bank), and the head of the EU authority that handles failing banks want simpler rules without making banks weaker. Their top priority is a common European deposit guarantee scheme, so the money in your bank account is equally protected in any euro country.
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