{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='What is being done to strengthen Europe\u0026#39;s banks?' data-url='/boclips/videos/6878fa8e860c8396ee54d982' data-video-url='/boclips/videos/6878fa8e860c8396ee54d982' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nWhat is being done to strengthen Europe\u0026#39;s banks?\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eEuropean banks are safer today because they have to follow a single rule book.   The next step is to put a safety net in place so that, if there is big trouble, the taxpayer is not the first on the hook to bail out the bank.  So, what...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEuropean banks are safer today because they have to follow a single rule book.  \u003cbr/\u003e\u003cbr/\u003e The next step is to put a safety net in place so that, if there is big trouble, the taxpayer is not the first on the hook to bail out the bank. \u003cbr/\u003e\u003cbr/\u003e So, what could a European backstop mean for taxpayers? \u003cbr/\u003e\u003cbr/\u003e Let’s start by looking at what’s changed since European banking union rules  were introduced after one of the continent’s worst financial crises. \u003cbr/\u003e\u003cbr/\u003e Euronews went to Italy to find out. \u003cbr/\u003e\u003cbr/\u003e  Single rule book\u003cbr/\u003e\u003cbr/\u003e The financial crisis might be over in Italy but deep wounds remain and judicial inquiries and trials are still ongoing. \u003cbr/\u003e\u003cbr/\u003e Between 2013-17, seven banks had to be saved, three were recapitalized and bailed out, and four were bailed in.\u003cbr/\u003e\u003cbr/\u003e Hundreds of depositors lost their money, unaware that, on their bankers’ advice, they had invested their cash savings in risky bonds.\u003cbr/\u003e\u003cbr/\u003e In addition to the money lost by investors, public resources used for the bailouts have been recorded as public debt, for a total of between 1 and 2 percent of Italy’s gross domestic product. \u003cbr/\u003e\u003cbr/\u003e  \u003cbr/\u003e\u003cbr/\u003e Where savers didn’t lose money, taxpayers had to pay up. \u003cbr/\u003e\u003cbr/\u003e But, in Italy at least, savers aren’t any more savvy today, says Duilio Borettini, Scientific Coordinator at professional financial advisors association Cofip.\u003cbr/\u003e\u003cbr/\u003e “The Italian saver is not well informed, he struggles to take a role in the request for information; therefore, fundamentally, fear has increased, but not the behaviours that could help eliminate or reduce problems”. \u003cbr/\u003e\u003cbr/\u003e Everyday savers still need to rely on their bank or financial advisor because, in most cases, they simply don’t have the necessary knowledge to invest by themselves. This makes it critical to have a regulatory framework that clarifies who is responsible for intervening when there is a problem.\u003cbr/\u003e\u003cbr/\u003e “Certainly, from the point of view of general investors, it would be desirable to know, at least ex-ante, who’s going to take care in case of similar problems in the future and under what conditions,” says economist Riccardo Rovelli. “So, it is important in the future, I think, to be able to distinguish between bank liquidation done by national authorities and bank resolution done by European authorities”.\u003cbr/\u003e\u003cbr/\u003e  \u003cbr/\u003e\u003cbr/\u003e This single rule book of clear and common principles is grounds for optimism, Borettini says, if we are faced with another financial crisis. \u003cbr/\u003e\u003cbr/\u003e “I am extraordinarily optimistic. I think the works of the European Banking Authority, of all the bodies in charge, are moving forward with great efficiency. They will accompany digitization, innovation, in European terms, in an absolutely positive way”.\u003cbr/\u003e\u003cbr/\u003e  Common backstop\u003cbr/\u003e\u003cbr/\u003e The system is a lot safer than it used to be: European banks have a lot more capital for the bad times and they are also healthier, with fewer bank loans on the books. \u003cbr/\u003e\u003cbr/\u003e But what happens when even the current rules are not enough to stop a bank from failing? That’s where the idea of a common backstop comes in. \u003cbr/\u003e\u003cbr/\u003e Since the financial crisis, Europe has been building a banking union for its citizens to make banks more stable.\u003cbr/\u003e\u003cbr/\u003e The first two pillars—single supervision and single resolution—are already in place.\u003cbr/\u003e\u003cbr/\u003e But the third isn’t there yet. \u003cbr/\u003e\u003cbr/\u003e Today, if bad weather strikes, a single resolution fund made up of contributions from banks can stabilize the situation to an extent.\u003cbr/\u003e\u003cbr/\u003e But in really bad weather that fund may not be enough and would need last resort support.\u003cbr/\u003e\u003cbr/\u003e This would come as credit from the European Union via the resolution fund to the country most at risk.\u003cbr/\u003e\u003cbr/\u003e It would be funded by both eurozone and non-eurozone countries participating in the banking union. \u003cbr/\u003e\u003cbr/\u003e But the people who really own the house, the taxpayers, could still be protected since any backstop money used during the crisis would be repaid by the banks.\u003cbr/\u003e\u003cbr/\u003e Ideally, a backstop should be built up while conditions are sunny and bright. \u003cbr/\u003e\u003cbr/\u003e  Step by step\u003cbr/\u003e\u003cbr/\u003e The European Central Bank, which serves as the single supervisor of our banks, says that the risk reductions in place so far are essential to protect the taxpayer. However, the consequences of potential bank failures are still national, and therefore still the responsibility of the taxpayer.\u003cbr/\u003e\u003cbr/\u003e Euronews spoke to Pierre Moscovici, European Commissioner of Economic and Monetary Affairs.\u003cbr/\u003e\u003cbr/\u003e He began by comparing a deeper economic and monetary union to a bear: The eurozone and the European Monetary Union (EMU) are solid and robust, he explained—but they can also bite.\u003cbr/\u003e\u003cbr/\u003e Moscovici: We have already all the security tools, almost all of them. But we don’t have yet the capacity to dynamise our economy. If there is a backstop, it means that, if the immediate solutions don’t work, in the end you’ve got financial, budgetary support that avoids that the risk of banking failure is too high.\u003cbr/\u003e\u003cbr/\u003e euronews: But that means taxpayers are still on the hook for a bailout? \u003cbr/\u003e\u003cbr/\u003e Moscovici: The backstop is budgetary—it’s based on the (European Stability Mechanism). 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