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Revising European Union Directives: Deposit Insurance and Reorganization and Winding Up

In: Financial Institutions and Markets

Author

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  • Gillian G. H. Garcia

Abstract

The global financial crisis requires the European Union (EU) to promptly revise its Directives on deposit insurance, reorganization and winding up of credit institutions. Disparate country practices have hampered the formulation of a coordinated response to the crisis and have demonstrated the infeasibility of effectively supervising, reorganizing, and winding up credit institutions, particularly cross- border institutions, and guaranteeing their deposits. While recognizing the difficulty in harmonizing across Europe’s contrasting legal traditions, the chapter calls for cross-border banks to have a European banking charter that is accompanied by special, harmonized systems of supervision, failure resolution, and deposit guarantees. These harmonized systems might well be developed around a revised Washington/Basel consensus on these issues and provide a template for the later creation of federal oversight in Europe.

Suggested Citation

  • Gillian G. H. Garcia, 2009. "Revising European Union Directives: Deposit Insurance and Reorganization and Winding Up," Palgrave Macmillan Books, in: Robert R. Bliss & George G. Kaufman (ed.), Financial Institutions and Markets, chapter 7, pages 155-185, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-10324-5_7
    DOI: 10.1057/9780230103245_7
    as

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