Draghi Boosts EU Banking Union Plans After German Dissent
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European Central Bank President Mario Draghi put his weight behind a European Union banking union during a trip to Berlin, two days after Germany led an attack on a proposal to centralize control of failing lenders.
German Finance Minister Wolfgang Schaeuble sought to keep responsibility for failing banks in national hands during two days of meetings last week in Vilnius, Lithuania. He led a chorus of dissent against the European Commission’s plan to give itself final say over when to close banks and to create a 55 billion-euro ($73 billion) common fund for resolution costs.