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Mr. Rehn spoke after the commission released recommendations calling on Europe to take more steps "towards full economic and monetary union, including a banking union; euro area financial supervision and euro-area wide deposit guarantees".
The 1997 Pillan eruption produced a wide deposit of dark, silicate material and bright sulfur dioxide.
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Let us assume that a EU-wide deposit insurance scheme was in place.
There was no agreement to euro-wide deposit insurance or to a common bank-resolution scheme.
When push comes to shove, national politics trump aspirations like Europe-wide deposit guarantees.
Someday, those powers might include running a federal system of bank oversight with Europe-wide deposit insurance.
So far there is little sign that specific plans for a Europe-wide deposit fund are imminent.
European leaders have talked about a Europe-wide deposit guarantee fund, but so far there has been little action.
This could have been handled through a single euro-zone-wide deposit guarantee fund with a common public-sector backstop.
The £10,000 rise is required to keep the UK in line with an EU-wide deposit protection limit of €100,000.
For this to work, there must be a European banking resolution mechanism to recapitalize banks and provide a backstop for a euro-zone-wide deposit guarantee scheme.
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CEO of Professional Science Editing for Scientists @ prosciediting.com