14-09-15

Germany opposes EU proposal for common deposit-insurance system

German Finance Minister Wolfgang Schaeuble: "We have to make sure not to put the cart before the horse"

Schaeuble criticizes EU plans

German Finance Minister Wolfgang Schaeuble at a meeting of European finance ministers over the weekend criticised an EU proposal to create a common deposit-insurance system for eurozone banks, AFP reported. “We have to make sure not to put the cart before the horse,” Schaeuble was quoted by the news agency. The cep believes that linking national deposit insurances together can lead to an uncontrollable chain reaction in the case of a crisis.