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- Der digitale Euro – ein Umweg zur Bankenunion? (2021)
- Die Einführung des digitalen Euro würde de facto die Bankenunion etablieren, die dann jedoch maßgeblich von der EZB getragen wäre. Wenn Kreditinstitute an der Bankenunion beteiligt sein sollen, muss es für den Euro ein einheitliches Einlagensicherungssystem geben.
- More European, more uniform (2021)
- The euro area crisis management and deposit insurance framework is currently more likely to trigger new crises than prevent them. That is why a reset is needed, and why a reset may be feasible
- Reset required: the euro area crisis management and deposit insurance framework (2021)
- The crisis management and deposit insurance (CMDI) framework in the euro area requires a reset. Although its policy objectives remain valid, the means of achieving them do not. As the euro area comes the end of the long transition period taken to implement the BRRD/SRMR, it should take the opportunity to reset expectations about resolution. Above all, resolution should be for the many, not just the few. There should be a single presumptive path for dealing with failed banks: the use of bail-in to facilitate orderly liquidation under a solvent-wind down strategy. This will protect deposits and set the stage – together with the backstop that the European Stability Mechanism provides to the Single Resolution Fund (SRF) -- for the transformation of the SRF into the Single Deposit Guarantee Scheme (SDGS). To avoid forbearance, responsibility for emergency liquidity assistance (ELA) should rest, not with national central banks, but with the ECB as a single lender of last resort. Finally, national deposit guarantee schemes should function as institutional protection schemes and become investors of last resort in their member banks. Together, these measures would complete Banking Union, promote market discipline, avoid imposing additional burdens on taxpayers, help untie the doom loop between weak banks and weak governments, strengthen the euro and enhance financial stability.
- Europäischer und einheitlicher (2021)
- Die Maßnahmen für Krisenmanagement und Einlagensicherung der Eurozone machen neue Krisen derzeit wahrscheinlicher, als dass sie sie verhindern. Deshalb ist eine Neuaufstellung nötig – und machbar
- The digital euro – a different route to banking union? (2021)
- The introduction of the digital euro would de facto bring about banking union. But this would be on the books of the ECB. If banks are to participate in banking union, there must be a Single Euro Deposit Guarantee Scheme.
- Completing banking union (2019)
- To complete banking union, there should be a single European deposit insurance scheme (EDIS) alongside the single supervisor and the single resolution authority. This would ensure uniformity across the Eurozone and facilitate the removal of barriers to the mobility of liquidity and capital within the single market. That in turn would promote efficiency in the banking sector and in the economy at large — just at the time that the EU needs to boost growth in order to remain competitive with the US and China. The EDIS promise to promptly reimburse insured deposits at a failed bank in the Eurozone should be unconditional. But who will stand behind that commitment? Who is the “E” in EDIS? Is its promise credible, even in a crisis? If a deposit guarantee scheme fails to deliver what people expect, panic would very likely erupt. Instead of strengthening financial stability, deposit insurance could destroy it. Yet this is the risk that current proposals pose. They create the impression that there will be a single deposit guarantee scheme. There will not. Instead, there will be a complex set of liquidity and reinsurance arrangements among Member State schemes. These defects need to be remedied. To do so, we propose creating a European Deposit Insurance Corporation (EDIC) alongside national schemes. For banks that meet EDIC’s strict entry criteria and decide to become members, EDIC will promise to reimburse promptly — in the event the member bank fails — 100 cents on the euro in euro for each euro of insured deposits, regardless of the Eurozone Member State in which the bank is headquartered. In effect, the single deposit guarantee scheme would be created via migration to EDIC rather than mutualisation of existing schemes. This would increase the mobility of capital and liquidity and lead to a convergence of interest rates across the Eurozone. That in turn will improve the effectiveness of monetary policy, foster integration and promote growth.
- Banken auf die richtige Weise nutzen (2020)
- Thomas F Huertas: Wie Banken helfen können, rechtzeitig Geld an Unternehmen zu bringen.
- Use banks the right way (2020)
- Thomas F Huertas: How banks can help get money to businesses while it can still do some good.
- Banken in der Krise besser einbeziehen (2020)
- Einfache Schritte, wie man verhindern kann, dass auf die Coronapandemie eine Finanzkrise folgt.
