Commissioner McGuinness gave a (virtual) opening speech at the high-level conference on Strengthening the EU’s Bank Crisis Management and Deposit Insurance Framework, organised by the directorate-general for financial stability, financial services and capital markets union (DG FISMA).
Ms McGuinness began by recalling how the previous crisis
over 10 years ago led to a major programme of reforms of the EU
financial system. But, she says, the reforms did not go as far as they
needed to – and adds that the COVID crisis has been a wake-up call and a
reminder of the importance of a robust crisis management framework. Ms
McGuinness says that experience indicates that, while the resolution
framework can be a very effective tool, there is room to improve how it
works. This, she says, is where the Commission’s review of the crisis
management and deposit insurance framework – known as the ‘CMDI review’ –
kicks in.
You can read the full speech here, or watch the whole conference
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