Talking Europe interviews Irene Tinagli, who chairs the European Parliament's Committee on Economic and Monetary Affairs, and is a prominent member of Italy's Democratic Party (PD). She calls for the completion of the EU's Banking Union to protect people's deposits, and for an EU budget that is up to the challenges the bloc faces today. We also touch on the post-Covid national Recovery and Resilience Plans, especially Italy's plan, and on the Italian government's decision to declare a state of emergency as a significant influx of migrants arrives on Italian shores.
On the issue of insuring bank deposits, Tinagli says: "The problem is that the banking system is very much interlinked; there are a lot of inter-connections and there is systemic risk. A crisis that happens in one country could spread out. We need to make sure that all European citizens are protected. We see how fast certain crises are dealt with in the United States where they have such an instrument; we don't have that instrument. We have created a banking union in which the first two pillars are working, but we need the third pillar – the deposit insurance scheme – at the European level. And we have all the experts and authorities that come to the parliament's public hearings and they say, ‘please, complete the Banking Union!'"
