Genuine Economic And Monetary Union And The Implications For The UK (HL 134) examines EU proposals for rescuing failing banks, and finds them to be inadequately funded, overly complicated and politically unrealistic. The report also calls on the UK government to get strongly involved in the plans. As the eurozone moves towards closer integration the UK will need to work hard to influence the debate, which it needs to do for its own good, for the good of the City of London, and the good of all 28 members of the EU. Other findings of the report include: Banking union is vital to the success of the EU plans, but the proposed resolution mechanism for dealing with failing banks is not fit for purpose; Financial stability can only be achieved through a common deposit guarantee scheme; Without a workable banking union, the vicious circle linking bank debt and sovereign debt will not be broken; and
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