Time is not right for EU bank union, says Ireland | Ireland

Ireland is among a number of eurozone member states insisting that the bloc’s bad loans should be resolved before talks can move to completing EU banking union.

At a meeting in Brussels yesterday, eurozone finance ministers failed to make a breakthrough on an EU-wide deposit guarantee scheme, even though the European Central Bank said risks for banks have already been reduced enough.

The ministers discussed deeper integration of their economies, focusing on a banking union and the transformation of the European Stability Mechanism bailout fund into a European Monetary Fund.

One element still missing from an EU banking union is deposit insurance for the entire eurozone, which would bolster the confidence of savers and protect deposits of up to €100,000 in any eurozone bank.



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