Bloomberg View: Why Germany Should Embrace a Banking Union

Is ­Germany holding up needed reforms to protect Deutsche Bank?
German Finance Minister Wolfgang Schaeuble attends a debate at the German parliament in Berlin on April 18 Photograph by John MacDougall/AFP via Getty Images

Germany is hitting the brakes on a banking union crucial to the long-term survival of the euro on the grounds that it needs a better legal foundation. That position would be a lot more convincing if Germany were doing more to reduce the threat its largest financial institutions pose to the European economy.

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