EDIS - The Third Pillar of the EU's Banking Union, Big, Bold But Can It Be Beautiful?

Abstract

The following article was first published by Thomson Reuters (Professional) UK Limited in Vol. 31, Issue 11 of the Journal of International Banking Law & Regulation and remains topical in 2019 and beyond in particular given the political changes that have led to a new EDIS proposal in 2019 that are subject to a linked working paper by the same author.

This article provides an introduction to the 2016 EDIS Proposal, how EDIS aims to stop European credit institutions being “European in life but national in death”, what this means for concerned depositors, how EDIS differs from the US FDIC or the UK FSCS and, more importantly given the aims of other EU financial services integration projects (Banking Union as well as Capital Markets Union), why more is needed perhaps to finally close various gaps or work streams; a number of which have been in discussion since the journey to finalise integration of the Single Market first started.

Keywords: Banking Union, Capital Markets Union, Eurozone, Deposit Guarantee Schemes, Comparative Law.

JEL Classification: K00, K22