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Dijsselbloem calls for deeper integration of EU financial sector

FXstreet.com (Barcelona) - European Commission president José Manuel Barroso, EU Commissioner for Economic and Monetary Affairs Olli Rehn and Eurogroup chief Jeroen Dijsselbloem spoke at the “Blueprint for a deep and genuine EMU” conference in Brussels on Tuesday on the future of the European Monetary Union.

José Manuel Barroso, whose speech opened the conference, described how the world has changed since the creation of the EMU and urged member countries to tighten political bonds in the area.

Eurogroup head Jeroen Dijsselbloem spoke about the need to quickly implement the banking union. He stressed that the ECB should scrutinize the EU banking sector as soon as it takes control over it this summer. He also suggested that “deposits up to 100.000 euro should be safeguarded, while use of public money is avoided as much as possible.”

Finally, Olli Rehn said that a common deposit guarantee scheme would mean greater solidarity. He also expressed hope for a stabilization of the EU economy in the second half of the year and emphasized that Slovenia was in a difficult situation currently, but that it was too soon to determine whether it would need a rescue program.

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