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About the Speech:
In response to the euro sovereign crisis, the European Council decided in 2012 to create a banking union consisting of three pillars: a single supervisory mechanism, a single resolution mechanism and a common system for deposit guarantees. While the first two pillars are now fully operational, a common system for deposit guarantees has yet to be achieved. Professor Schoenmaker argued in his address that in order to complete Banking Union the lender-of-last-resort and deposit insurance functions should move to the euro-area level, breaking the sovereign-bank loop. According to Professor Schoenmaker, a fully-fledged single deposit insurance (and resolution) fund should be favoured over a reinsurance scheme for reasons of cost and simplicity.
About the Speaker:
Dirk Schoenmaker is a Senior Fellow at Bruegel. He is also a Professor of Banking and Finance at Rotterdam School of Management (RSM), Erasmus University Rotterdam. He is also a member of the Advisory Scientific Committee of the European Systemic Risk Board at the ECB and a Research Fellow at the Centre for European Policy Research (CEPR). Before joining RSM, Dirk was Dean of the Duisenberg school of finance from 2009 to 2015. From 1998 to 2008, he served at the Netherlands Ministry of Finance. In the 1990s he served at the Bank of England. He is a regular consultant for the IMF, the OECD and the European Commission.