Despite all the progress made, the economic and monetary union is not yet adequately prepared for future crises. Particularly in the banking sector, there are risks to the stability of the eurozone which we need to deal with as a matter of urgency. That is why Olaf Scholz’s proposal for a European deposit reinsurance system is right – also with a view to EU solidarity which is precisely what we are constantly demanding from our partners.
We are not talking about a blank cheque for banks or financially weaker countries. On the contrary, deposit reinsurance protects European savers and thus strengthens the European economy as a whole. This is urgently needed, particularly in competition with the economic powerhouses such as the United States and China. Our European partners have also welcomed the initiative. I hope therefore that the Federal Government will stand together in support of this proposal.