Germans clash over banking union treaty change

Wolfgang Schäuble

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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