In Germany, for example, savings banks and cooperative banks have their own schemes in place which are designed to prevent institutions from becoming insolvent in the first place. So even the design of a potential European deposit insurance scheme would be a demanding task. My point is, then, that we haven’t got that far yet.
Let me now, as promised, explain why concrete considerations on the third pillar have to wait until other and more eminent issues have been resolved. Essentially, the argument is about looking beyond ideas that may seem promising in a narrow sense – like EDIS – and acknowledging that the entire architecture first has to be made ready for this change.