The study was carried out by consultation firm Oxera in 2006, in response to calls on the Commission to harmonise the rules on guarantee funds across the EU. This identified a wide variance in the schemes that exist within the 13 member states in the EU that operate a guarantee fund. The study concluded that it was a matter of
policy for the Commission to decide whether to implement minimum harmonised IGS across member states and where to set the minimum protection standards.
On 7 May 2008, the Commission launched a public consultation on IGS in the EU, the deadline for responses was 7 July 2008. The purpose of the consultation is to provide stakeholders with the opportunity to comment on the main findings of the Oxera report and to make known their views on the desirability and feasibility of Community action in the area of IGS. The Commission will take account of the results of the consultation when making its policy decision on the way forward on the IGS dossier. In addition to the public consultation, the Commission also held a public hearing on IGS in Brussels on 2 June 2008.
