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[Geomean]

The general news media is starting to pick up on the European Commission's proposal, to be discussed at the Euro summit this weekend, for European Joint Bank Regulation and Deposit Insurance (a la FDIC). [There are now 441 articles in a google news search for "europe deposit insurance"].

It is:

a single EU deposit guarantee scheme covering all EU banks;· a common resolution authority and a common resolution fund for the resolution of, at least, systemic and cross-border banks;

· a single EU supervisor with ultimate decision-making powers, in relation to systemic and cross border banks;

· a uniform single rule book for the prudential supervision of all banks. Source:
Joint Supervision and Euro Wide Deposit Insurance article

The European Commission President announced today that the EU would propose joint oversight and Euro wide deposit insurance . Bloomberg article link

AP included mention in a story 2 hours ago. AP story "... the EU is considering a banking overhaul. Among the ideas:

—The European Commission, which writes laws and regulations for the EU, has proposed a deposit insurance fund to protect savers across the EU the way the Federal Deposit Insurance Corp. guarantees up to $250,000 per account in the United States. Individual European countries now insure bank deposits within their borders. But bank failures could overwhelm those national funds.

—The European Commission has suggested establishing a Europe-wide banking union, policed by a centralized regulator. "