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Forex Flash: The European banking debate lingers on – Deutsche Bank

FXstreet.com (Barcelona) - The European debate continued over the details of a European banking union and bank resolution. The ECB's Asmussen publically stated that progress needed to be made on banking union negotiations and a framework on the distribution of losses are needed in the event of future bank failures.

He reaffirmed that deposits of up to EUR100k must be protected from losses in the event of bank failure. Asmussen called for creating a central agency and an industry-funded common backstop for handling failing banks by "the summer of next year," when the ECB takes up new supervisory duties. However, “Those views were seemingly in conflict with German FM Schaeuble, who has in the past said the next step should be the coordination of national schemes to wind down problem banks, rather than a system with shared euro zone risk.” note Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank.

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