German finance minister Wolfgang Schäuble's plan to enact treaty change in Europe before pressing ahead with full banking union came in for criticism today from Jörg Asmussen, a member of the executive board of the European Central Bank (ECB).
In an article published yesterday in the Financial Times, Schäuble said "limited treaty changes" would provide both a "safe legal base" for banking union and allow for clearer separation between the ECB's supervisory and monetary policy functions.
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