Should the UK Govt offer a 100% savings deposit guarantee?

Now that the Germans have done a complete u-turn and broken rank to guarantee all savings deposits for German savers should the UK follow suit?

So far the Irish, Greeks and now the Germans guarantee all savings deposits.

But, will this make the problem worse, especially if UK banks loose out as savers switch their savings abroad to these supposed "safe havens"?

Or, is this the end of EU cooperation as we know it?

Or, is the current level of protection at £50,000 sufficient, given that it does actually cover 98% of all savings deposits anyway.