Berlin shows readiness to compromise on bank resolution authority
BERLIN Dec 4 (Reuters) - German Finance Minister Wolfgang Schaeuble has indicated he is ready to find a compromise on which European Union institution should have the ultimate say on closing down banks in the euro zone, raising chances for a deal this year.
The EU wants to agree a deal on bank resolution by year-end but Germany's staunch opposition to the European Commission's proposal to be the single resolution authority has proven a hurdle in talks.
In excerpts of an interview with German business daily Handelsblatt released on Wednesday, Schaeuble softened his rhetoric but stopped well short of endorsing the Commission's proposal.
"A European institution can make the formal decision - for example the council of finance ministers or the Commission. We'll find a solution," he said.
Germany and other European Union members worry that too many powers will be devolved to Brussels if the Commission, the EU's executive arm, gets the final say on winding down banks. (Reporting by Sarah Marsh; Editing by Mark Trevelyan)