ECB president calls for single scheme to protect deposits

Frankfurt

THE Euro zone should introduce a single scheme to protect savers across the euro zone, the president of the European Central Bank said on Wednesday, adding that failure to make such a reform undermined the currency union.

While not the first time Mario Draghi has called for such a move, his warning applies pressure on Germany and others to end a years-long deadlock on the issue. Berlin does not want its banks to be liable for losses elsewhere.