European Commission President Jean-Claude Juncker wants the Eurozone to have its own Treasury

 
Jessica Morris
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Juncker also called for an EU-wide deposit guarantee scheme (Source: Getty)
uropean Commission President Jean-Claude Juncker thinks that the single currency area should have a common system of guaranteeing bank deposits, as well as its own treasury.

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"We are also in favour of introducing a European treasury... Obviously there will be a lot of work to be done on the content of it, but I think it is important that the European Union should have a treasury," Juncker said in his state of the union address to the European Parliament.

Juncker also called for an EU-wide deposit guarantee scheme which would safeguard money that's been deposited with a bank if it defaults.

Read more: How the Eurozone could survive without building a European super state

"We will propose moving towards a deeper economic and monetary union, a system of deposit guarantees and various other initiatives," Juncker said.

I think it is essential that we have a common deposit guarantee scheme... It will be a reinsurance scheme."

European Union legislation currently requires member states to protect certain kinds up to €100,000 (£73,000) but there isn't a system for the European Union as a whole.

A report published earlier this year showed officials favoured an EU-wide guarantee that would complement by existing national schemes.

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