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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.
- 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.
- 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
- 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
