| Author (Person) | Pop, Valentina |
|---|---|
| Series Title | EUObserver |
| Series Details | 07.05.13 |
| Publication Date | 07/05/2013 |
| Content Type | News |
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German finance minister Wolfgang Schaeuble said on 7 May 2013 the eurozone's planned banking union was 'urgent' and should be created within the current EU treaties, after previously suggesting a treaty change was needed. He explained that after the Cyprus bailout negotiations - which involved imposing losses on depositors - it is 'urgent to have unified rules' on how to deal with failings banks in the eurozone. The German shift on treaty was accompanied by a somewhat softer stance on deficit reduction, after the European Commission in May 2013 gave France two extra years to meet its deficit target. However, on the 13 May 2013, the German finance minister stated that current plans were insufficient to ensure banking union's long-term solidity, referring to it as an 'urgent necessity'" and calling for a 'two-step approach' crowned by a change of the EU’s founding treaties. |
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| Source Link | Link to Main Source http://euobserver.com/institutional/120053 |
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| Subject Categories | Business and Industry |
| Countries / Regions | Europe, Germany |
