September 18, 2018 / 3:02 PM / in a month

EU must take final steps towards banking union - German finance minister

BERLIN (Reuters) - German Finance Minister Olaf Scholz said on Tuesday that the European Union needed to take the final steps towards creating a banking union so that large European banks could develop.

German Chancellor Angela Merkel talks to Finance Minister Olaf Scholz at the start of the 2019 budget debate at the lower house of parliament Bundestag in Berlin, Germany, September 11, 2018. REUTERS/Hannibal Hanschke

“For me it’s also important that we try, especially now that it’s 10 years after Lehman Brothers and the related global financial crisis, that we take the final steps to create a banking union, a fiscal union so that large European banks can emerge, for example,” Scholz said.

He added that those banks would be able to accompany large European companies, and a European capital market would be able to develop.

Scholz did not name any specific banks.

Reporting by Tom Koerkemeier; Writing by Michelle Martin; Editing by Maria Sheahan

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