European Union finance ministers have said they will take all necessary measures to protect the banking system and deposits of individual savers. To that end they have raised the amount that is guaranteed in the event of a bank failure.
French Finance Minister Christine Lagarde said: “Europe is united in the face of the financial crisis and is determined to act in a coordinated way. We reaffirmed – as Finance Ministers – our determination to ensure the solidity and the stability of our banking system. To ensure good protection for all EU citizens we particularly agree to raise the minimum for bank deposit guarantees to fifty thousand euros.
And the Economic and Monetary Affairs Commissioner Joaquín Almunia added: “Global challenges require global solutions. The situation of the financial markets requires an EU response, and building on this response a global approach, that I hope in the coming days we will be able to discuss – with positive results also – with our partners at the G7 and IMF meetings.”