Finance Watch Calls on ECON to Advance European Deposit Insurance Scheme (EDIS) and Protect Depositors

16 September 2024

Open letter

In a letter addressed to the Committee on Economic and Monetary Affairs (ECON), Finance Watch calls on European policymakers to proceed with preparations for the European Deposit Insurance Scheme (EDIS), which has been stalled for nearly a decade.

EDIS is a vital component of the Banking Union, aimed at protecting depositors by providing a shared European safety net in case of bank failures. It is designed to complement the Single Supervisory and Single Resolution Mechanisms, ensuring citizens’ deposits across the Eurozone are safeguarded in times of crisis.

Recent policy shifts, including changes to the Capital Requirements framework and the Crisis Management and Deposit Insurance (CMDI) proposal, risk undoing crucial reforms made after the 2008 financial crisis.

Finance Watch urges the ECON Committee to seek a new negotiating mandate from the European Parliament to advance EDIS and reminds EU legislators of their commitment to ensure that taxpayers are not burdened with the costs of financial sector risks again.

Finance Watch Call to ECON committee-EDIS_13 Sept 2024

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Finance Watch Calls on ECON to Advance European Deposit Insurance Scheme (EDIS) and Protect Depositors

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