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The Third Pillar of the Banking Union and Its Troubled Implementation

In: The Palgrave Handbook of European Banking Union Law

Author

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  • Concetta Brescia Morra

    (University of Roma Tre)

Abstract

In Europe, the regulation on deposit insurance schemes dates back to 1994 (Dir. 94/19/EC). This Directive only required a minimum level of harmonization between domestic deposit guarantee schemes in the European Union (EU). It was amended first in 2009 (Dir. 2009/14/EC). In the statement of the EU Commission in December 2012, a robust deposit insurance system was the third pillar of the Banking Union, but a Pan-EU Deposit Guarantee Scheme was excluded due to difficulties in reaching a political compromise. In 2014, a new Directive (Dir. 2014/49/EU) was approved which ensures a harmonized level of protection for depositors. In 2016, the European Commission (EC) prepared a new proposal to set up a European Deposit Insurance Scheme (EDIS). Many policy-related obstacles make it difficult to approve the proposal. Moreover, we believe that to strengthen the resilience of the euro-area banking sector to financial crises, the European legislature should think about the proper role of the EDIS in the new legal framework for management of banking crises.

Suggested Citation

  • Concetta Brescia Morra, 2019. "The Third Pillar of the Banking Union and Its Troubled Implementation," Springer Books, in: Mario P. Chiti & Vittorio Santoro (ed.), The Palgrave Handbook of European Banking Union Law, chapter 17, pages 393-407, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-13475-4_17
    DOI: 10.1007/978-3-030-13475-4_17
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