Plans to create a eurozone banking union hit a brick wall yesterday after Germany’s finance minister cautioned over moving too quickly, casting doubts over whether the EU would seal a deal by the end of the year.
The objections from Wolfgang Schäuble come a week before a summit of EU leaders and raise the prospect of a significant delay to establishing a single eurozone banking supervisor, a reform billed as critical to rebuilding confidence in the bloc’s shaky financial sector.
Some of Mr Schäuble’s counterparts at a Brussels gathering said markets could be spooked by any sign the EU was backing away from consolidating banking oversight, five months after agreeing to pursue it.
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