German Minister Eyes Insurance Plan To Integrate EU Banks

Law360 (November 6, 2019, 8:57 PM EST) -- Germany’s finance minister said Wednesday his country now backs creating a fund to insure deposits in bank accounts throughout the European Union, potentially removing a major obstacle to the plan itself and to blocwide integration of the banking sector.

Olaf Scholz told a conference in Frankfurt that the scheme to insure cash deposits within the 19 EU countries using the euro currency would preserve Europe’s role as a global financial center even as Brexit threatens to undermine it.

He also emphasized the “undisputed” need to deepen and complete the project of EU banking union, a goal about which Germany has expressed...

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