Andrea Enria, chair of the supervisory board of the ECB, gave a speech in London at the end of October celebrating some of the successes of banking union – establishment of a single supervisory mechanism for large banks, NPLs brought down from €1 trillion to €600 billion in the last five years – while also lamenting its failures, notably the lack of a European deposit insurance scheme.
Without this, a euro deposited in a country with weak banks might easily flee to a stronger bank in a different country at the first signs of stress.
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