11/12/2017 (Agence Europe) – In an open letter published by the Spanish daily newspaper El Pais on Friday 8 December, the Spanish finance minister, Luis de Guindos, said that a balance between sharing and reducing banking risks, in the framework of recent proposals for the deepening of Economic and Monetary Union (EMU) (see EUROPE 11920), is vital to avoid economic policy difficulties and social tensions, which would ultimately lead to political crises. He also calls for the completion of Banking Union through a European Deposit Insurance System (EDIS). De Guindos would also like the activities of the future European Monetary Fund (EMF) and of any European finance minister to be overseen by the European Parliament, in order to ensure their democratic legitimacy. (LT)