From a central bank perspective, the establishment of a common deposit insurance scheme is of less urgency than the other components of a Banking Union. I also understand the concerns with potential liabilities to be incurred in a moment of financial crisis.
Behind this development has been a considerable expansion of merchandise exchange with the rest of the world. During the last thirty years, total trade value, defined as the sum of exports plus imports, has tripled relative to GDP, to reach approximately 60 percent.