At a conference organised by the German federation of savings banks and cooperative banks (BVR) on Thursday 3 July, German Chancellor Friedrich Merz opposed the completion of banking union in the euro area through the establishment of a European bank deposit insurance scheme (EDIS).
“Let me be very clear: we have discussed [deposit] insurance schemes in Europe for long enough. There is absolutely no reason to communitise systems that work at EU Member State level”, he declared. He...