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Schaeuble Rejects Europe-Wide Deposit Insurance, Passauer Says

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.