Germany's Scholz: EU needs to make more progress on European banking union

BERLIN (Reuters) - German Finance Minister Olaf Scholz said on Thursday that EU finance ministers should speed up stalled talks about bank reforms, a project also known as the European banking union, but he added that all countries had to move to reach a compromise.

“This is in the end the idea of not sticking to the one question, because if we want to form a banking union, this is not about Edis (European Deposit Insurance Scheme)”, Scholz said during a panel discussion of the Bruegel institute.

Scholz, a Social Democrat, last November outlined changes for the euro zone to complete its stalled banking union reforms, offering a key concession from Germany -- conditional backing for a pan-European deposit protection scheme.

Reporting by Michael Nienaber, editing by Riham Alkousaa