Euro zone: Europe deploys a safety net for its banks

Unless surprised, euro zone finance ministers were to seal an agreement on Monday evening on a financial safety net mechanism intended to avert a major banking crisis.

It was one of the items on the agenda of the meeting - in video - of the Eurogroup.

Unlike the 750 billion euro stimulus plan decided on last summer, this device is not a response launched against the Covid-19 crisis but against the previous one, that of the debt of the euro zone in 2010. This For seven years the big

of the euro zone have been discussing this "

", in the jargon of the technocrats, a relief fund, abundant in public money, intended to avoid large-scale bank failures.

Following the crisis of the 2010s, a single bank resolution fund, financed by the banks themselves, was created.

It currently stands at 42 billion euros and targets 70 billion in 2024, or the equivalent of 1% of deposits in the area.

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To reassure markets and depositors,

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