Schaeuble Says Bank Oversight Plan May Disappoint Markets
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German Finance Minister Wolfgang Schaeuble said the European Union risks a backlash from financial markets if it takes longer than expected to set up a common bank supervisor for the 17-nation euro area.
The European Central Bank is due to take on bank oversight duties next year under proposals from the European Commission, the EU’s regulatory arm. EU leaders called for a single bank supervisor in June as a condition of allowing euro-area banks direct access to the region’s firewall funds.