November 18, 2019 / 3:33 PM / 19 days ago

ECB's De Cos says Europe needs to agree on deposit scheme to complete banking union

MADRID (Reuters) - European authorities need to move towards agreeing on a common deposit insurance scheme (EDIS) to complete the banking union, European Central Bank (ECB) policymaker Pablo Hernandez de Cos said on Monday.

“It is absolutely essential that Europe moves towards agreeing on common deposit insurance scheme to complete the banking union,” De Cos said, adding that it was “good news” that the German Finance Minister, Olaf Scholz, had opened the debate on this matter.

In an article for the Financial Times, Scholz proposed earlier this month four reforms the euro zone needed to complete its stalled banking union, suggesting that some of the changes Germany has opposed so far, like deposit insurance, could take place.

Reporting By Jesús Aguado; editing by Elena Rodriguez

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