Germany and France intend to create a joint working group on the European fiscal and banking union. This was announced today by the German Finance Minister, Wolgang Schaeuble, and its French counterpart, Pierre Moscovici, on the sidelines of a meeting in Berlin.
“We have decided that we will deepen our cooperation,” Moscovici said.
The European banking union project will have to be coordinated and guided by the ECB, but many issues on the table on this subject are still to be clarified, in particular the scope of action of the Eurotower, which could become the new single supervisory authority on all banks in the Eurozone or only on banks at systemic risk.
