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Merkel Ally Rejects Barroso’s Banking Union, Handelsblatt Says

A European banking union would place too great a burden on “solid” states, which can’t guarantee all euro-area debt, according to Hans Michelbach, a lawmaker with Germany’s Christian Social Union, Chancellor Angela Merkel’s coalition partner, Handelsblatt reported.

In an interview with the newspaper, Michelbach said European Commission President Jose Manuel Barroso’s plan for cross-border regulation and joint deposit-guarantee mechanisms would tap liquidity in some countries and reward waste and reluctance to reform in others.

Michelbach is a senior member of the German parliament’s finance committee.

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