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

Germany's Finance Minister Olaf Scholz called on the European Union to end ...

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

- 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 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.

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