Finally, coordinated action was very important in the granting of state deposit guarantees. We all saw how initially uncoordinated initiatives immediately led to spill-overs with potential  6  BIS Review 157/2008  detrimental effects for banks in other countries that did not enjoy a similar level of protection.
Timely concerted action among Member States led to a joint decision to raise the level of protection of deposits. The action was accompanied by a prompt initiative by the Commission to amend the Deposit Guarantee Schemes Directive. This amendment had the full support of the ECB.