I will return to this particular point later in my statement today. While a recently published draft report by Esther de Lange at the European Parliament does already address some of the criticism levelled at the Commission proposal, that paper indicates that the proposed initial re-insurance phase starting in 2019 will still take place without any riskreduction measures whatsoever.
That would be inacceptable in my view. My conclusion from this is that we should stick to the current system – harmonising the national deposit insurance schemes – as long as many outstanding issues remain unresolved. For all the progress that has been made towards deeper integration, European unity suffered something of a setback on 23 June this year.