And as liquidation frameworks currently differ across Member States, it will also be important to promote convergence for bank insolvency procedures so as to ensure consistency in the treatment of creditors.
But aside from the SRF backstop and the targeted changes to the crisis management framework, today I will focus on the key missing element of the banking union: a common European deposit insurance scheme. Regrettably, we have made little progress on this front. Let me briefly recall why an EDIS is so important.