And that’s not because we reject this proposal outright. The Bundesbank’s position is not about blocking EDIS indefinitely. It is about sequencing the steps in the right order in order to reach the best possible solution. And there are a number of issues which need to be addressed first. A European deposit insurance system would entail a mutualisation of liability.
Andreas Dombret: Systemic risk, too big to fail and resolution regimes Speech by Dr Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank, at the Salzburg Global Seminar “Out of the shadows: should non-banking financial institutions be regulated?”, Salzburg, 19 August 2013.