BERLIN: Germany's finance minister has called for a "two-step approach" towards European banking union, writing that a limited "timber-framed" union, set up without changing European treaties, would buy time to create a future "steel-framed" union.
In an opinion piece for the Financial Times, Wolfgang Schaeuble wrote that today's EU treaties provide a foundation for the new single banking supervisor but not for a central resolution authority to restructure or wind up failed banks.
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