Finally, the harmonisation of Deposit Guarantee Schemes will help prevent the emigration of funds in search of better coverage. The scheme will begin operation in January 2016.
Over time, however, it might be wise to revisit the issue of going beyond harmonisation to creating an EU-wide Fund, in order to further break links in the negative feedback loops that can develop between banks and the state. Where do we stand? Since the onset of the crisis, policymakers in the crisis countries have made significant progress in addressing fiscal and external imbalances.