It is a common fact that we are able to get through difficult times better when we have support and guidance from aside. Driven by this practical wisdom, Germany urges for solidarity among European bankers. There have been talks about such a union since 2007. Back then, the global financial crisis that was just on the rise in the US mortgage market provoked similar discussions. The current situation seems to pose a danger to the whole banking sector. Therefore, Olaf Scholz, Germany's Minister of Finance, called for the implementation of this initiative. "This is in the end the idea of not sticking to the one question, because if we want to form a banking union, this is not about the European Deposit Insurance Scheme (EDIS)," the minister said. However, things have barely moved forward since then. Indeed, the above mentioned EDIS as well as the Single Resolution Mechanism (SRM) and the Single Supervisory Mechanism (SSM) were launched but they were not enough. According to Olaf Scholz, Germany is ready to contribute to the creation of the European Banking Union by supporting the initiative of a pan-European deposit protection scheme, a modified version of EDIS.
