Despite the strong efforts of the Eurogroup Chairman Paschal Donohoe, the Eurogroup has neither been able to agree on the establishment of a European Deposit Insurance Scheme (EDIS) nor to reform both banking crisis  management and bank resolution processes, not least since the existing schemes impose undue burdens on smaller institutions, while segmentation across multiple decision-makers undermines efficiency.
2 The new commitment stated: “We reaffirm that our fiscal and monetary policies have been and will remain oriented towards meeting our respective domestic objectives using domestic instruments, and that we will not target exchange rates.” See Group of Seven (2013), “Statement by G7 Finance Ministers and Central Bank Governors,” February 12, paragraph 1, www.g8.utoronto.ca/finance/fm130212.htm.