The “Five Presidents’ Report”, published on 22 June 2015, outlines plans to strengthen economic and monetary union through closer integration of the euro area, including besides all the introduction of a European Deposit Insurance Scheme (“EDIS”). It states that while establishing a fully-fledged EDIS might take time, as a first step, EDIS could be devised as a re- insurance system at the European level for the national deposit guarantee schemes. This has given a strong impetus to the European Commission and in compliance with the path set by the Five Presidents, the Commission came up with a legislative proposal for a Regulation amending Regulation (EU) 806/2014 in order to establish European Deposit Insurance Scheme (“Commission proposal on EDIS”) in late November.
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