The Director General of the European Stability Mechanism (ESM) believes that the bailout plans awarded to four Eurozone countries (Spain, Ireland, Greece and Portugal) would have cost less if a European deposit insurance system had been in place.
“It is often forgotten that if we had had a common credible deposit insurance scheme the last few years, all the ESM programmes would have been smaller”, said the head of the permanent bailout fund of the Eurozone on Monday 12 March, following...