In the wake of recent banking crises in the US and the Credit Suisse case, the EESC has reviewed the Commission's proposal to reform the Bank Crisis Management and Deposit Insurance framework (CMDI). Among other measures, the Committee calls for protecting the interests of smaller and local banks, depositors and taxpayers, and coordinating the CMDI package with the future reform of the State aid Regulation.

It was the Spanish government that asked the EESC to look into the matter and provide policy recommendations to the co-legislators and the Spanish Presidency of the Council of the EU. The Commission's proposal to reform the CMDI aims to tackle remaining risks in the European banking sector, advancing further in the completion of the Banking Union and strengthening the EU single market in the interest of depositors and taxpayers.

"The EESC acknowledges the importance of speed, flexibility and cooperation in responding to bank crises while protecting depositors and taxpayers", commented EESC rapporteur Giuseppe Guerini. "The Commission's proposal is a step towards the completion of the Banking Union, which is crucial for achieving full consolidation of the EU financial system and reducing market fragmentation".

In its opinion, the EESC insists that harmonising deposit protection and evaluating resolution and insolvency alternatives are crucial for protecting the interests of depositors and preserving the diverse European banking ecosystem. (tk)