Germany Leads Push Against March to ECB Bank Oversight
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German Finance Minister Wolfgang Schaeuble led criticism of the euro area’s rush toward common bank oversight as France, Spain, Italy and the European Commission pressed for speedy action.
European Union finance ministers were sharply divided over proposals to introduce a single supervisor in January within the 17-nation currency zone. Schaeuble, backed by ministers from Sweden, the Netherlands and Poland, said the EU must be cautious before the European Central Bank takes on its supervisory role, with the promise of direct bank bailouts from the euro’s firewall fund.