March 20, 2014 / 11:57 AM / in 4 years

Schaeuble says EU banking union deal meets German demands

BERLIN, March 20 (Reuters) - German Finance Minister Wolfgang Schaeuble welcomed a European deal on a banking union reached earlier on Thursday, saying it met German demands that funding for winding down banks would be better controlled and the risks for taxpayers minimised.

The agreement reached by European policymakers ended a stand-off between the European Parliament and euro zone countries and is designed to restore banks’ confidence in each other and boost lending across the euro zone.

Schaeuble welcomed what he called “the clear participation of private creditors from the start”. Also significant was that “the mutualised liability of participating member states remained ruled out”, said Schaeuble in a statement, adding that the text had to be finalised soon. (Reporting by Madeline Chambers and Stephen Brown)

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