November 5, 2019 / 10:06 PM / 15 days ago

Germany's Scholz says European banking deadlock has to end - FT

FILE PHOTO: German Finance Minister Olaf Scholz holds a news conference on tax revenues in Berlin, Germany, October 30, 2019. REUTERS/Fabrizio Bensch

(Reuters) - Germany’s Finance Minister Olaf Scholz called on the European Union to end a deadlock and move forward with key banking union projects if it does not want to be pushed around on the international stage, according to an op-ed for the Financial Times.

Germany will consider European Union-wide bank deposit reinsurance, a scheme that would significantly enhance the resilience of national deposit insurance, Scholz wrote here in the op-ed.

Scholz wrote that the European financial markets are still fragmented, barriers to free flow of capital and financial liquidity still exist and a need for uniform taxation of banks in the EU is needed.

Scholz also added that being dependent for financial services on either United States or China is not an option.

Reporting by Mekhla Raina in Bengaluru; Editing by Marguerita Choy

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