EU Set to Clash on Bank Deal as Germany Sees Treaty Limit
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European Union nations are set to clash over plans to centralize the handling of failing banks, as Germany warned that the bloc is running out of road to adopt crisis-fighting measures under its current treaties.
German Finance Minister Wolfgang Schaeuble told his EU counterparts at a meeting in Dublin April 12-13 that there isn’t enough of a basis in the EU’s current rulebook for building a common authority and fund for bank failures. Other nations, including France, Luxembourg, and Denmark, are urging swift progress on putting in place a resolution system, amid concerns that treaty changes would cause unacceptable delays.