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