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Schaeuble Rejects Europe-Wide Deposit Insurance, Passauer Says

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June 9 (Bloomberg) -- German Finance Minister Wolfgang Schaeuble said the time isn’t right to set up joint deposit insurance as part of a proposed European banking union, the Passauer Neue Presse reported, citing an interview.

Joint liability would be unacceptable under current circumstances, Schaeuble said in comments published today in the newspaper. Taking on joint liability requires joint decision-making, he said, according to Passauer.

To contact the reporter on this story: Tony Czuczka in Berlin at aczuczka@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net