The European Commission is today proposing a euro area-wide insurance scheme for bank depositors. The European Deposit Insurance Scheme (EDIS) will strengthen the Banking Union, buttress bank depositor protection, reinforce financial stability and further reduce the link between banks and their sovereigns. The measures are one of a number of steps set out in the Five Presidents' Report to strengthen the EU's economic and monetary union. The legislative proposal, which would guarantee citizens' deposits at the euro area level, is accompanied by a Communication that sets out other measures to further reduce risks in the financial system.

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