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The European Commission proposes a euro-area wide insurance scheme for bank deposits
The European Commission proposed a euro-area wide insurance scheme for bank deposits on Tuesday. The scheme's name is the European Deposit Insurance Scheme (EDIS). This scheme should strengthen the Banking Union.
There will be 3 steps in implementing this scheme. The first step is a re-insurance approach which would last for 3 years until 2020. The second step is a progressively mutualised system ("co-insurance") in 2020. The third step is fully insure national Deposit Guarantee Schemes (DGS) as of 2024.
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