Germany puts brakes on EU bank union with treaty call

Germany's Finance Minister Schaeuble smiles as he addresses a news conference in Berlin

(Reuters) - Germany said European banking union will require changes to EU law, in a call that could slow completion of the plan designed to underpin the euro currency. Speaking after a meeting of European Union finance ministers on Saturday, Germany Finance Minister Wolfgang Schaeuble said the EU's Lisbon treaty had to be changed to allow common rules on shutting troubled banks - a central element of the union. "Banking union only makes sense ... if we also have rules for restructuring … [Read more...]

LAURA CHRISTIE – SUMMER TWIST (seventeen photos)

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