June 20, 2018 / 1:23 PM / 5 months ago

Germany: European bank deposit insurance scheme is long-term project

German Finance Minister Olaf Scholz speaks during the "70 Years of Social Market Economy" anniversary event at the Federal Ministry for Economic Affairs and Energy in Berlin, Germany, June 15, 2018. REUTERS/Michele Tantussi

BERLIN (Reuters) - German Finance Minister Olaf Scholz said on Wednesday that a European insurance scheme (EDIS) for bank deposits was a long-term project and the conditions for it did not exist currently.

On Tuesday German Chancellor Angela Merkel and French President Emmanuel Macron agreed to create a budget for the euro zone but they soft-pedalled on the EDIS idea.

Scholz said the euro zone budget was only a small part of the agreement with France. He also defended his idea of a Europe-wide unemployment insurance system to shield workers from mass unemployment during economic crisis.

Reporting by Tom Koerkemeier; Writing by Michelle Martin; Editing by Michael Nienaber

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