BIS Review 45/1998  -8-  VI There can be no doubt that monetary union implies the irreversible loss of the sovereignty of the participating countries in the monetary sphere. Some loss of identity and of the symbolism of a nation state will of course also be associated with giving up the national currencies.
Until now this has protected deposits up to a maximum of 75% of BD15,000. It is also what is know as an “expost” funded scheme in that the required funds can be collected from the other banks only after a bank has already failed.