EU bank agency proposal would stall route to banking union-Germany

BERLIN, July 10 Wed Jul 10, 2013 7:33am EDT

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BERLIN, July 10 (Reuters) - The European Union's proposal to create an agency to rescue or shut failed banks would give the European Commission powers not set out in current treaties and that would delay the start of a banking union, a German government spokesman said on Wednesday.

"We think the EU Commission's proposal would stall the route to banking union rather than accelerate it," Steffen Seibert said at a regular government news conference.

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