German Finance Minister Olaf Scholz urged EU to make progress on banking union this year. He said in the Bundestag lower house of parliament that “we must take action so that we can act in a new crisis – not everything has been done.” Scholz also said Germany and France laid a foundation with an agreement in Meseberg in June. And so, “we can quickly take the last steps to make Europe stable and to equip ourselves for the next crisis”.
He added that ‘have the task of completing a banking union and we should fulfil the most important steps this year.” Under the current EU plan, the Single Resolution Board will be given a clearer mandate to set the level of capital buffers that banks should hold against the risk of failure. However, another pillar of the union, a common bank deposit insurance scheme, is not agreed upon yet.
