#BankingUnion: Deir Moscovici go gcaithfidh an backstop a bheith inchreidte agus is féidir é a imscaradh go tapa

Economic and Financial Affairs, Taxation and Customs Commissioner Pierre Moscovici said following the Eurogroup meeting (5 November) that more was needed to take more action for making the euro more resilient and fostering economic growth.

The Eurogroup continued its discussion on establishing a common backstop for the Single Resolution Fund (SRF) and how to enhance the effectiveness of the precautionary tools of the European Stability Mechanism. Moscovici said that the back stop for the SRF had to be credible and capable of rapid deployment. He said that this was a vital building block for a stronger banking union that can withstand future crisis and that can foster the development of pan-European banks able to compete globally.

The Eurogroup also looked into the work on the roadmap for beginning political discussions on a European Deposit Insurance Scheme (EDIS). Moscovici said that there was a long exchange of views and that the EU was some way from creating this third pillar of European Banking Union. He said that the European Commission would play its full role and looked forward to political discussions in December. He said the first concrete step would be liquidity support for national systems.

He added also spoke about the need for a eurozone budget, that he said was also important economically and politically for future resilience and stability.

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