In countless zombie movies there is the classic moment where a member of the dwindling band of survivors is cornered and desperately opens fire on the oncoming tide of walking dead. Despite firing off round after round, to the despair of our hero, the enemies keep approaching until the fateful click of his empty gun that tells him the game is up.
It’s a predicament not unlike that of German Finance Minister Wolfgang Schäuble as he fights a rearguard action to ward off Brussels plans for a common eurozone scheme to guarantee bank deposits.
The idea, known as EDIS, is loathed in Berlin on the grounds that it could force Germany to help cover the costs of bank failures elsewhere in Europe. At the same time, perhaps unsurprisingly, it is lauded in Southern Europe as a guarantee that capitals will be helped to cope with financial crises.
So far, Mr Schäuble has thrown all kinds of obstacles at the proposal, which was unveiled by the European Commission late last year. He has insisted on a tough programme to close loopholes in existing regulations which he says must be fulfilled before EDIS is even considered. He has also questioned the very legal foundations of the plan – saying parts of it have budgetary implications for nations that go beyond what is allowed under the EU treaties.
Despite all this, discussions on the text have rumbled on for months in the EU’s Council of Ministers.
Now, however, Germany is seeking to hit Brussels where it really hurts: with its own rules of procedure.
In a joint paper with Finland, obtained by the FT, Germany seeks to hoist the European Commission up by its institutional petard, accusing it of failing to respect “requirements under primary law and the Better Regulation principles” by not carrying out a full “impact assessment” before presenting the EDIS plan in November.
It’s the Brussels equivalent of trying to take down Al Capone for tax evasion. But hey, it worked.