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

[BENGALURU] 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, Mr Scholz wrote in the op-ed.

Mr 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.

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

REUTERS